A surge of Landlords taking their properties off Airbnb and offering them as traditional long-let rentals is taking place in London, says Hamptons International.
The estate agency says 37% of Airbnb stock in London has been switched to long-term accommodation, and that 12% of all properties being advertised for sale are former short-lets units.
Hamptons International says that consequently there are 26% more rental homes available than at the same time last year across the whole of the capital, and 42% more within inner London.
This dramatic increase in properties coming onto the traditional market is driving down rents on average as the market in some areas is flooded with new stock.
Rent rises in the UK are flat overall but in London fell 4.2% year-on-year in July, sparked by a record rent fall of 8.4% in inner London.
But Hamptons International says the shift from the short lets back to traditional renting is almost exclusively a London trend.
Of the 20 local authorities with the highest share of short lets being offered on the long-term rental market, 16 were in the capital, suggesting rural and coastal short let markets are performing more strongly.
Aneisha Beveridge, Head of Research at Hamptons International, says: “For years there had been a steady stream of landlords moving from the long to the short let market in search of higher returns.
“Following lockdown and in the two months since late May, this shift has been completely reversed with growing numbers of landlords looking to secure longer-term tenants.”