October 03, 2011
The National Association of Estate Agents has called for a review of the ‘postcode lottery’ with regard to short term lettings in the capital. In light of the influx of people wanting to stay in London for the 2012 Olympic Games, home owners are bound to be tempted to rent their properties out for easy cash. However, in some boroughs the practice is effectively banned. For example in Westminster someone can face up to a £20,000 fine and a criminal record for doing so without consent, which is rarely given.
The head of city planning development and design at Westminster council, Rosemarie MacQueen, argues that the strict provisions in her borough are justified, "in Westminster, we have a population of 250,000 and that has to grow with targets from the mayor and ourselves. If we have short term lets, we'll never increase our long term residential population. Secondly, residents who live in blocks of flats with short term lets actually feel their quality of life has gone down. There's a fear of crime, they don't know the faces of the people who are coming in and a lot of short term residents don't treat the place like home. They leave litter in the corridors, come and go and have parties."
Meanwhile National Association of Estate Agents chief executive, Peter Bolton King, said: "The problem here is a lack of a level playing field which means regulations are not being policed in the same way across London. I think it's time for a review and to look at whether this is working or not.”
