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Monday, February 09, 2015

Deregulation Bill set to shake up London holiday lets

The new Deregulation Bill is set to shake up London's holiday let market.

Currently, homeowners in the capital require planning permission to let out their property for less than three months under 1973 legislation bought in by the Greater London Council

Eight London boroughs and a number of campaign groups have raised concerns. Some fear that blocks of residential flats will become more like hotels.

Ministers have answered concerns with a set of proposed restrictions as part of the new bill -
  • Homeowners would only be able to rent out their property as a short-term let for up to 90 days a year. 
  • A facility for town halls to ask in “exceptional circumstances” for the Secretary of State to agree to localised exemptions where there is a strong case to do so.
  • Properties must be liable for council tax thus excluding business premises.
  • Councils will be given the power to exempt properties that breach regulations.
Housing minister Brandon Lewis said -

“London is one of the world’s top holiday destinations. Draconian rules dating back 40 years prevent the capital’s homeowners from renting their properties to tourists.” 

It's all part of the Government's push for a more “sharing economy”.

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