Portico has expanded its short-term lettings service, bringing its Airbnb services to Manchester and Liverpool’s high streets.
The estate agency, which currently has 17 high-street offices throughout zones 1-4 in London, has tied up with local coffee shops to bring short-term letting services to landlords and property management to Airbnb hosts in the North West of England in a more relaxed setting.
Properties listed with Portico will be available on the Airbnb website, managed by dedicated Portico account managers.
The move is designed to help private landlords in Manchester and Liverpool maximise income from their investment properties at a time when they are set to be hit with increased taxes and costs.
It will also make Airbnb a more accessible option for homeowners interested in earning additional income through short-term lets.
Portico’s new business director, Fiona Patterson, said: “It’s no secret that the lettings industry is evolving, and at Portico, we intend to change with it.
“After the success of Portico Host in London and our appointment to the Airbnb professional co-host programme, it seemed only natural to bring our award-winning service to the best place for landlords to invest in the UK. Liverpool and Manchester share a vibrant Airbnb and letting market, enabling Portico landlords to achieve better yields for their properties.”
Liverpool and Manchester are among the best places to invest in property in the UK at the moment, in terms of the return long term investors can achieve.
In certain parts of Liverpool, landlords can expect to achieve a rental yield of circa 9-10%, whilst in Manchester, landlords can expect to achieve a yield of 6-9%.
This new venture will be led by Rachel Dickman, who joins the team as Portico’s regional manager for the North West.
Dickman, an industry veteran with experience working with property agents such as YOPA and Countrywide, commented: “This is an exciting time to be in the property industry. The North West is a natural next step for Portico Host, as Airbnb short term rentals generated over £37m in revenue in 2018 alone, according to Airbnb’s most recent insight report, and boosted the overall UK economy by £3.5 billion. I look forward to bringing Portico Host to the North West’s vibrant marketplace.”
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I know there has been a lot of previous discussion on BTL LL with mortgages not having lenders permission for airbnb style rentals, or indeed having freeholders permission if it is for a flat. Failure to achieve permissions may invalidate insurance, amongst other things. Are Portico Host advising their clients accordingly, or assuming the liability themselves in the absence of suitable due diligence?
There is a lovely guy doing SA and airbnb rentals in central Liverpool. Having seen one of his advertising videos there were 5 breaches of the Housing Act and 2 Category 1 Hazards under HHSRS identifiable immediately, never mind the freeholders or lenders issue raised above. Who takes responsibility for this for short term lets, especially if there is an owner, a nationally based agent and a local guy responsible for moving tenants in and out all having a hand in the let?
The vast majority of AirBnB is illegal.
It is entirely understandable why it is being used.
It is all about the money!
S24 is a major driver of AirBnB with many LL being driven to be criminals in an effort to remain viable.
Who can blame them!?
There is also a massive amount of fraudulent sub-letting by criminal tenants.
It simply has got out of hand.
The sharing economy is all very well but much of it is created by failure to adhere to relevant regulations.
Can't wait for the first fire to occur at an AirBnB with many deaths.
If the LL knows about AirBnB then on manslaughter charges.
No insurance; bankruptcy!
If it is a tenant doing illegal AirBnB then the LL still cops it.
Invalidation of insurance etc etc.
Remembering that with the increasing usage of an ever dwindling supply of long term rental accommodation rents can only increase.
Most AirBnB is city centre based and this makes it very difficult for city centre tenants to source affordable long term rental accommodation.
Personally I believe that every AirBnB should be licensed by the Council.
If this occurred AirBnB would disappear overnight as most lettings are fraudulent and breaking the law in many other ways.
Portico need to watch their step as their directors could find themselves up on Corporate manslaughter charges
HMRC should also be very concerned with the spread of AirBnB
Very hard to check what gross income has been received by AirBnB hosts.
So loss of tax is bound to occur.
For the lenders it is bad enough that over 300000 LL are letting properties with residential mortgages without Consent To Let.
Well now you have LL letting to AirBnB in breach of BTL mortgage conditions.
I am in fact contemplating grassing up a LL in my block who is illegally carrying out AirBnB.
Only reason I haven't done so yet is I am contemplating myself doing AirBnB in an effort to pay for S24!!!!!!
Dopey Osborne has no idea what his stupid S24 is doing to otherwise law abiding LL.
LL are being forced down avenues they would never normally travel.
But needs must when faced with dopey retrospective tax legislation which has the capacity to bankrupt those self same LL!!
The one sane thing Glasgow City Council has done is to have mandatory licences for airbnb in city tenements, not that all airbnb landlords will comply! Why they get a £7500 tax free income is beyond me when those providing permanent homes get taxed on turnover.
Yep AirBnB comes under the RFR legislation.
It clearly wasn't designed for AirBnB.
But the RFR legislation is being stretched to its limit.
After all a lodger can stay for 1 day or 6 years.
But clearly RFR tax reluef was designed for long term accommodation to assist those struggling to source affordable accommodation in a family environment.
Clearly AirBnB should not qualify for RFR A but there is no real way of preventing this unless each AirBnB booking is notified to HMRC.
Of course this pushing the RFRA envelope with AirBnB removes that accommodation from proper lodgers which was what the RFRA was originally designed for.
So an intractable problem I feel.
The abuse of this relief will continue.
There is simply no way Govt can trace where all the illegal AirBnB is being carried out
Disgruntled neighbours can help authorities target those abusing the scheme and dodging taxes. Airbnb is a scourge, hurting the homeless, the proper hospitality industry, neighbours and tax paying landlords - and often putting the guests' safety at risk due to lack of adequate fire safety, hygiene training etc.
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