Knight Frank’s Prime Central London Sales Index for March shows that higher-bracket residential sales are strong, but asking prices are falling. As a result some owners are waiting until prices rise again, but meanwhile listing them on short-term rental sites. The number of properties available to rent in London’s most expensive districts rose 20% in the six months through February, according to Knight Frank.
Last month saw Airbnb acquire Luxury Retreats, the luxury sharing platform, and has agreed to a 90-day minimum letting limit for properties in the capital. It has also announced that in the US it is complying with local legislation, currently collecting and remitting taxes in over 250 jurisdictions – more than half of its US listings.
The platform is extending this taxation compliance across other regions, including 50 French cities by spring of 2017, while also supporting affordable housing and homelessness programmes in some US cities.