from Property118.com
A report revealing a significant increase in second home registrations in London has prompted leading figures to call for government intervention in the holiday lettings market.
The data, collected by Generation Rent, indicates that the number of non-primary residences in the city has rocketed since 2019.
And that’s despite pandemic-related travel restrictions and shifting domestic property interests.
The findings show that several London areas have seen a huge growth in the registration of domestic properties as furnished, non-primary homes between October 2019 and October 2022.
Looming threat to resident tenants
Generation Rent’s acting director, Dan Wilson Craw, says this rise is a looming threat to resident tenants.
He also points to just 0.3% of second homes being officially registered as holiday lets as an example of ineffective regulation.
Mr Wilson Craw told the Evening Standard: “The unregulated and undertaxed holiday let sector is out of control.
“It is a concern that homes rented to tourists are lost to the supply available to local people.”
He called for greater regulation of second home use and for a licensing scheme that would ‘stop the inflating of property values’.
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