3.2 million plan on short-term letting
Of homeowners already taking part in short-term letting 63% swap houses while 69% rent out their whole property.
UK homeowners can expect to receive approximately £54 per room per night in rental income, meaning that during a week’s holiday this could amount to around £758 for the owner of a two bedroom property.
Louise Lumley, head of SELECT Premier Insurance, said: “Short-term lets can be a fantastic means of generating additional income, especially around holiday season.
“It is vital however, that homeowners take the time to protect their properties, as bills to repair or replace items as a result of damage can be expensive and may cost more than the amount earned from the rental.
“We recommend property owners inform their insurer, as their requirements may be different if letting out their home and this will protect against damage caused.”
The Deregulation Bill will give London homeowners the freedom to rent out their homes temporarily for the first time in 40 years, as current laws state that private homeowners in the capital must apply for planning permission if they wish to rent out their home for less than three months.
London homeowners would receive an average £116 per room per night, which could earn two bedroomed property owners £1,629 in a week.
At the other end of the spectrum, Scottish based homeowners expect to receive the lowest amount, at £31 per room per night, amounting to £435 a week for in a two bedroom house.
There are risks involved however, as only 29% of homeowners who rented out their property short-term never incur damage.
Property damage can be expensive, with the average bill to repair or replace items reported as £326.
Homeowners who have rented out for a short period commonly experience damage to furniture (29%), soft furnishings (27%), windows, doors and walls (26%), electrical items (16%) and white goods (14%).
One in four respondents reported theft of items from the house (24%) and home emergency damage, such as plumbing, heating or drainage (23%).