Edinburgh's Answer to Holiday Lets
Holiday lets in Edinburgh are currently in sharp focus with Airbnb's latest press release (http://www.bbc.co.uk/news/uk-scotland-edinburgh-east-fife-42733066) detailing a maximum 90 day availability on their site.
Airbnb are just one in a number of advertising portals used by holiday let owners and agents in Edinburgh and consequently it is unclear how much of an impact the 90 day restriction will have.
As someone who has worked in the Edinburgh rental market for some time now, there has always been a large market for investment; whether it be for a student property in Marchmont or a pied-a-terre in New Town. Investors will always look to Edinburgh due to its diversity and tourism aspects.
This should be welcomed as opposed to restricted; the investors are just looking at different markets and changing the way they buy property. Many of our holiday let landlords are overseas landlords who have a personal link to Edinburgh and want to be able to come back to visit on a regular basis and a holiday let set up gives them the freedom to do so.
With the introduction of the Private Rental Tenancy, this only reinforces the market further due to the unknown length of the lease for long term lets; consequently pushing said landlords towards a holiday let set up as opposed to long term where a fixed lease could have been used previously.
Depending on who one talks to about holiday lets, sometimes they are deemed as commercial - sometimes not. For tax and business purposes they are, however in our own property accreditation groups there is ambiguity. This needs to be cleared up as well as an introduction to regulation of the holiday let market, such as in the long term rental market.
This would ensure that all properties are categorised correctly; are safe in terms of fire safety, electrical and gas aspects and would ensure that guests can visit Edinburgh confidently in the holiday let market.