Housing: Rental Market

Lord Campbell-Savours Excerpts

Thursday 2nd November 2017 Lords Chamber

[Lord Young of Cookham]

I am grateful to the noble Lord. It is not possible for landlords in London to switch rented accommodation wholly over to short-term letting because of the restriction that I mentioned earlier: short-term lettings can only be for up to 90 days. Therefore, it would not be possible legally for a landlord to let his property on a short-term basis throughout the year. One has to get a balance. London has to compete with other tourist destinations and tourists expect to find a range of accommodation through organisations such as the one the noble Lord mentioned. Many London boroughs do not have an adequate supply of hotels, and therefore one needs a supply of short-term letting accommodation. Also, many Londoners, in their efforts to make ends meet, like to rent out their home on a short-term basis when they are not using it themselves.

[Lord Campbell-Savours (Lab)]

My Lords, is not the Minister wrong in his calculations? You can get more money out of a 90-day B&B than you can get out of a 365-day let.

[Lord Young of Cookham]

I am not sure that I would sign up for a short-term letting on those sorts of terms, which sound penal. Many landlords would rather have their property occupied throughout the year rather than for up to 90 days and then not used for the rest of the year. The balance we have tried to get in London is to safeguard the stock of long-term accommodation for rent by Londoners with the freedom for Londoners, when they are not using their home themselves, to let it out to other people who want to rent it.