Hundreds of Airbnb-style hosts have built lucrative property empires in London consisting of more than 20 short-term lets, new research has found.
Housing chiefs fear Londoners are being squeezed out of the rental market as one in 32 homes – or just over 3 per cent – in the capital are let out to short-stay guests.
Landlords are believed to be making £450 million ($566.8 million) a year just from visitors in Westminster, home to some of the UK's best-known landmarks.
Findings handed to 12 London councils by estate agent Savills said short-term lets account for 40 per cent of private rental stock in Westminster and 35 per cent in Kensington and Chelsea. Westminster Council is warning of “upward pressure” on London's already sky-high rents amid calls for tighter controls.
Out of 117,000 short-term rental properties in London, almost a quarter (24 per cent) are owned by just one per cent of hosts, according to the new research. Each of their portfolios consists of more than 20 homes.
“The extensive and lucrative short-term let market in central London is inhibiting Londoners’ access to affordable, secure housing,” said the leader of Westminster Council, Adam Hug. “London is a global city with a thriving tourism industry, but we need to get the balance right so that Londoners can continue to live in the city they call home.”
Ninety-day limit
Labour-controlled Westminster Council said local authorities were being pushed “closer to effective bankruptcy” by the cost of finding temporary accommodation for Londoners, as it warned owners could be breaking the law if they let out their homes for more than 90 days a year. London landlords need planning permission to rent out properties on short-term lets for longer than that.
The idea is that Londoners can “earn a little extra money” on websites such as Airbnb, Vrbo and Booking.com, but the rules are “not designed to provide opportunities for the commercial sector”, according to Mayor of London Sadiq Khan's office.
Richard Olszewski, the leader of Camden Council in north London, called for “stronger, more effective regulation” of the sector. Updated rules could “prevent the loss of vital permanent housing stock for Londoners, contribute towards councils’ confidence to invest in direct delivery of social housing, and make the tourism industry more sustainable for the businesses reliant on it,” he said.
Airbnb said last year that the UK's housing crisis was “unrelated to short-term rentals”. It said Airbnb trips contributed £1.5 billion ($1.89 billion) to London's economy, more than in any other part of Britain.
UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
The biog
Name: Dhabia Khalifa AlQubaisi
Age: 23
How she spends spare time: Playing with cats at the clinic and feeding them
Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need
Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman
Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs
Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing
UAE currency: the story behind the money in your pockets
World ranking (at month’s end)
Jan - 257
Feb - 198
Mar - 159
Apr - 161
May - 159
Jun – 162
Currently: 88
Year-end rank since turning pro
2016 - 279
2015 - 185
2014 - 143
2013 - 63
2012 - 384
2011 - 883
Hamilton profile
Age 32
Country United Kingdom
Grands Prix entered 198
Pole positions 67
Wins 57
Podiums 110
Points 2,423
World Championships 3
The specs: 2017 Porsche 718 Cayman
Price, base / as tested Dh222,500 / Dh296,870
Engine 2.0L, flat four-cylinder
Transmission Seven-speed PDK
Power 300hp @ 6,500rpm
Torque 380hp @ 1,950rpm
Fuel economy, combined 6.9L / 100km
SERIES SCHEDULE
First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Stadium
August 12-16
First ODI, Rangiri Dambulla Stadium
August 20
Second ODI, Pallekele International Stadium
August 24
Third ODI, Pallekele International Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6
Jawab Iteiqal
Director: Mohamed Sammy
Starring: Mohamed Ramadan, Ayad Nasaar, Mohamed Adel and Sabry Fawaz
2 stars
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
Players Selected for La Liga Trials
U18 Age Group
Name: Ahmed Salam (Malaga)
Position: Right Wing
Nationality: Jordanian
Name: Yahia Iraqi (Malaga)
Position: Left Wing
Nationality: Morocco
Name: Mohammed Bouherrafa (Almeria)
Position: Centre-Midfield
Nationality: French
Name: Mohammed Rajeh (Cadiz)
Position: Striker
Nationality: Jordanian
U16 Age Group
Name: Mehdi Elkhamlichi (Malaga)
Position: Lead Striker
Nationality: Morocco
Villains
Queens of the Stone Age
Matador
Indoor Cricket World Cup Dubai 2017
Venue Insportz, Dubai; Admission Free
Day 1 fixtures (Saturday)
Men 1.45pm, Malaysia v Australia (Court 1); Singapore v India (Court 2); UAE v New Zealand (Court 3); South Africa v Sri Lanka (Court 4)
Women Noon, New Zealand v South Africa (Court 3); England v UAE (Court 4); 5.15pm, Australia v UAE (Court 3); England v New Zealand (Court 4)
The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
LIGUE 1 FIXTURES
All times UAE ( 4 GMT)
Friday
Nice v Angers (9pm)
Lille v Monaco (10.45pm)
Saturday
Montpellier v Paris Saint-Germain (7pm)
Bordeaux v Guingamp (10pm)
Caen v Amiens (10pm)
Lyon v Dijon (10pm)
Metz v Troyes (10pm)
Sunday
Saint-Etienne v Rennes (5pm)
Strasbourg v Nantes (7pm)
Marseille v Toulouse (11pm)
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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