Holiday lets could face big changes

24 August 2023

The government is planning a crackdown on short-term holiday lets, which could mean that homes converted into short-term holiday lets require planning permission in the future.

Conversion crackdown

The motivation for the crackdown is to stop residents from being pushed out of their towns, the government says. Specifically, the government aims to target the practice of ‘industrialising’ online rental platforms, whereby entire apartment blocks are bought by investors to let as short-term rentals to tourists. The rules could introduce a new category for holiday lets and make them subject to local planning controls, which, the government hopes, will deter such activities.

“Affordable prices”

Housing Secretary Michael Gove commented, “Tourism brings many benefits to our economy, but in too many communities, we have seen local people pushed out of cherished towns, cities, and villages by huge numbers of short-term lets. I’m determined that we ensure that more people have access to local homes at affordable prices, and that we prioritize families desperate to rent or buy a home of their own close to where they work.”

The government has stated that consultations on this plan and other proposals for short-term holiday lets will take place.

🚨 Data accurate as of the date of publication – 24.08.2023

🚨Think carefully before securing debts against your home.  Your home may be repossessed if you do not keep up repayments on your mortgage.

🚨 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.

 

Source: Quilter Financial Planning – Essentially Mortgages Q3 2023

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