New Data Reveals England Likely to Be Most Affected
As the cost of living soars, it comes as no surprise that many Brits are exploring side-hustles – and there’s one which is continuing to rise in popularity: short-term letting. However, the government crackdown on short-term rentals – including regular checks and higher fees – is set to impact many across the country.
The new government review of short-term tourist accommodation has been launched at a time when many areas in England have seen a huge rise in short-term holiday letting. New data from holiday home insurance comparison website, Quotezone.co.uk, compared 2018, a normal year before the pandemic came into effect, against the same time period in 2022, revealing a 102% increase in the number of UK holiday homes let across January to May.
What’s more, the impact won’t be felt equally as the crackdown is going to impact some tourist hotspots more than others, particularly in those areas that are more reliant on Airbnb-style income. Quotezone.co.uk’s data, which is based on over 25,000 holiday home insurance policies, shows that the changes will be most felt in Yorkshire which is currently leading the market in holiday home letting, as well as Cornwall, Devon, Cumbria, and Norfolk, which follow closely behind.
Founder of Quotezone.co.uk, Greg Wilson, comments: “Our data supports the trend that Airbnb-style letting is increasing in England as many people rent parts of their home to generate funds. Short term and holiday rentals play an increasingly important role in the economy and are valuable sources of income for homeowners across the country.
“Therefore, while it’s important that the government reviews the challenges presented by short-term letting on local communities and does indeed put steps in place to protect them, it must be remembered that this is now an essential form of income for millions. As many are currently feeling the cost of living squeeze, it is exactly this additional revenue stream that could help get many through this tough period.
“Landlords should take all necessary precautions to protect their income during this turbulent time, such as landlord insurance, to help safeguard finances and help avoid unexpected costs.”
Quotezone.co.uk helps around 3 million users every year, with over 400 insurance brands across 60 different products including buy-to-let insurance, holiday home insurance, overseas property insurance and landlord insurance.