Landlord takes financial hit to turn holiday lets into long-term lets

A landlord in Cornwall has decided to convert his holiday lets into long-term rental stock in a bid to service the local community.

Robert Gray, who owns three cottages in Portscatho, admits he will make less money this way, but he says he’s become concerned that the country is increasingly “saturated” with second homes.

He said: “I think the last thing this little village, and quite a bit of Cornwall, needs is another second home.

“Every time a house comes up for sale it suddenly gets snapped up – and I just can’t look the young people in the face who say ‘we would love to live in granny’s old cottage but we can’t’.”

Councils warn of housing shortage thanks to landlord sell-offs and Airbnb

Gray has so far converted one of the three properties into a long-term let, with the other two following at the end of the summer.

He added: “There have got to be second homes, because that is the industry for Cornwall, so second homes are here to stay.

“But the reason I am doing it is I think it’s good for the village and the community.”

Government to consult on Airbnb registration scheme this year

In the past few years, a number of landlords have exited the long-term rental market because of the smaller gains, especially as they have been hit by the reduction in mortgage income tax relief.

The government is due to consult on an Airbnb registration scheme this year, as it looks to even the playing field between short and long-term lets.

Baroness Joan Bakewell, who is a member of the House of Lords, condemned the impact of Airbnb this week, saying they’ve become a “significant problem”.

Meanwhile Tim Farron, former Lib Dem leader, has frequently spoken out about the impact of Airbnbs in the Lake District, his constituency, calling it “disastrous” when locals are effectively shut out of living in their own communities.

Leave a Reply