Renters outside Devon as homeowners profit from stay boom

Rents in the southwest of England have skyrocketed since the pandemic as more landlords turn to the vacation rental market, Generation Rent research shows.

Generation Rent consulted the data published by Zoopla on the number of listings and average rents in each region, on July 15, 2019 and July 16, 2021.

In the South West of England, listings for properties in the South West of England have fallen 49% since 2019, with rents also up 23%.

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The results are further proof that the popularity of rural and coastal Britain since the pandemic – among vacationers and people moving from towns – is putting unbearable pressure on tenants, who are now excluded from their communities.

In North Devon, housing crises have been announced in Bideford, Ilfracombe and Braunton, with many residents facing homelessness due to high rents and a lack of available housing.

The Renters Campaign Group also looked at figures the government collected on the proportion of landlords who own vacation rentals and compared the number of vacation rentals advertised online with the number of homes advertised for rent to tenants. .

According to HMRC data, 11% of owners (790) in North Devon own furnished vacation rentals. compared to 6,250 people who earn other forms of property income.

It is goods – not the coronavirus – which is becoming Devon’s hottest topic, now the terrible pandemic is brewing towards its conclusion.

As city dwellers head to the glorious Southwest to vacation – and live – in droves, there are clearly clear winners and losers.

Are there too many second homes? Are landlords taking advantage of a stay boom and prioritizing AirBnb customers over permanent tenants? Is Devon in the grip of a housing crisis?

These are questions we will be asking in the content challenge as part of the campaign. Prices outside Devon.

But it will never be that gloomy and pessimistic.

We’ve rounded up homes under £ 150,000 in the county that are perfect for first-time buyers and we’ll have regular updates on new build developments with affordable homes – and there will be more positive content like that here to come.

We highlight the ups and downs of the Devon property boom. Find our content here and sign up for our real estate newsletter here.

As of August 4, 2021, there were 2,591 vacation rental listings for properties in North Devon, compared to 21 properties for rent on Zoopla and 30 on Rightmove. In South Hams, 10% of owners have vacation rentals; The AirDNA review site has 2,521 vacation rentals, but there are only 31 homes for rent on Zoopla.

In Cornwall, where 15% of its 38,900 owners own vacation rentals, there were only 76 listings for rental properties on Zoopla compared to 10,290 vacation rental listings. That is to say 135 seasonal rentals per property to be rented.

Landlords are encouraged to move properties from the rental market to the tourism market. By renting out properties on a daily or weekly basis, instead of renting homes, you can avoid paying taxes on their mortgage interest payments.

Generation Rent calls on Chancellor Rishi Sunak to remove mortgage interest relief from owners of furnished vacation rentals, as part of a level playing field with the broader private rental sector, and to encourage more owners to make housing available to people who need a place to stay. live.

The campaign says further action is needed to regulate the vacation rental market, ensure that owners of vacation rentals and second homes pay enough housing tax, and build enough housing to allow people to stay in the areas. regions where they grew up.

Alicia Kennedy, Director of Generation Rent, said: “Self-catering accommodation plays a vital role for the tourism industry, but it is too easy for landlords to evict residents from their homes to make room for more lucrative vacationers. .

“As a result, communities are torn apart and businesses that serve tourists are struggling to find staff. The situation is not sustainable. The government must give councils the power to tax and regulate the vacation rental market. local people appropriately, but should also act directly to take advantage of tax benefits away from vacation rentals, so we keep homes available for those who need them.

Generation Rent supporter Alex Macintyre started a petition on 38 Degrees calling on the Chancellor to close the vacation rental tax loophole:

To support the petition: follow

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