With the emergence of the “Airbnb” letting revolution, Londoners have been able to earn thousands of pounds by renting out their home short-term. It was recorded many properties were let out by Londoners during the 2012 Olympics and during the Wimbledon tennis tournaments.
According to Airbnb, its typical UK host now earns £2,822 a year by letting their property for 33 days. But officially, homeowners in the capital are banned from letting out their property for less than three months, under the Greater London Council Act 1973, unless they have planning permission. Londoners who rent out their properties for short stays, without planning permission, could be at risk of a fine of up to £20,000. But all that’s about to change!
For up to three months a year, they will be allowed to let out their house, flat or spare room on a short-term basis under new rules unveiled. The shake-up, though, has faced a backlash including from people who fear their block of flats will effectively be turned into hotels and blighted by noisy parties, more crime and rubbish.
And Londoners will have to check their mortgage clauses, or tenants their leasehold or other agreements, to ensure whether they are permitted to rent out their property at all.
The good news however is that temporary accommodation options proposed to our assignees under our short term accommodation program will increase and that’s certainly a good thing as corporate apartments in London are few and far between!
Related Item: You may be interested in our VIP Destinations Packages, click here to watch a short video explaining them