Travel on Airbnb boosted the UK economy to the tune of £5.7 billion in 2023 and supported more than 75,000 jobs.
It is one of several striking findings from a new study released by EY which suggests Airbnb rentals have little to no impact on the price and availability of housing in the UK. The study revealed that over 95% of house price increases can be attributed to factors unrelated to short-term rentals, such as rising incomes and inflation.
The study said the share of properties listed full-time on Airbnb is too small to have any significant impact on housing supply, with the amount of entire homes listed on the platform accounting for less than 0.7% of total dwellings in the UK. Data from Airbnb shows the average host rents their home for less than three days per month, indicating the majority of hosts live in the homes they list. Entire home listings on Airbnb that are hosted for 90 nights or more per year account for just 0.17% of the housing stock.
Amanda Cupples, General Manager for Airbnb in Northern Europe, said: “UK house building has struggled to keep pace with demand over many years, and we welcome the government’s plans to build 1.5 million new homes. While only a tiny fraction of British homes are listed on Airbnb – typically for just a few days a month – this activity is generating billions for the UK economy and supporting tens of thousands of jobs, while Airbnb data shows it helps four in ten hosts afford their homes.”
Andrew Fenner, CEO, UK Short-Term Accommodation Association, said: “This report backs up what we already know: that holiday lets are a vibrant and vital part of the UK tourism industry. They provide jobs, attract investment, and help spread the benefits of tourism to communities that would otherwise be excluded. Sustainable tourism needs our support, not to be used as a scapegoat for the failure to address the housing crisis through proper housebuilding.”
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