Recent announcements from Communities Secretary Eric Pickles about changes in laws preventing short term lettings in London have opened up many great opportunities for landlords.
Traditionally, a landlord looking to rent their property for less than three months needed to apply for permission from the local council to do so. This presented many problems for people looking to rent out their homes to visitors seeking temporary holiday accommodation. There were a huge number of problems with this during the London Olympics as people were looking for short term lettings in areas such as Newham, the location of the Olympic Stadium.
London was the only place in the UK with the law and it was an incredibly outdated one, dating back forty years to the 1970s and the time of the Greater London Council (GLC). The new changes make it easier and much cheaper to let a property for a short duration of time. Home owners are now free to rent out their homes whilst they are on holiday themselves and can make great profits in the process. It also means landlords don’t need to sit with empty properties as they wait for tenants; they can choose to use them for holiday accommodation.
The change in laws reduces the amount of red tape associated with short term rentals. It is sure to help stimulate the tourist industry further and help people looking to find affordable accommodation. Landlords do need to be careful though; they need to ensure that they don’t cross over the line and use properties like hotels or hostels because doing so requires change in use planning permission.
As well as letting properties for the short term home owners and landlords in London are free to rent out their parking spaces. If you’re on holiday and are leaving your vehicle in a secure airport car park you can let your parking space and make some extra money. When offering temporary holiday accommodation this is a bonus because visitors will have a place to leave rental vehicles.