The Isle of Wight’s rental market has shrunk by 83 per cent since the start of the Covid pandemic, new figures reveal.
In an Isle of Wight council document, officers say the Island’s housing situation has fundamentally changed in the last 18 months, leaving very few rental properties.
Availability dropped from 350 homes to 60
Data acquired by the council, from estate agents, shows rental property availability has dropped from an average of 350 homes a month in December 2019 to around 60 in October 2021.
Rising costs for private landlords as well as increasing regulations and taxation introduced in the last 12 months have prompted many to leave the private rented sector altogether.
5,000 sold and lost to the rental market
Traditionally, the private rented sector has accommodated for 18 per cent of all households — roughly 15,000 families — but the authority estimated around 5,000 properties have been sold and lost to the rental market.
An impact of the regulatory changes, officers say, has led to owners and landlords shifting into the ‘staycation’ market where there are higher weekly profits and, at the moment, less regulation.
44 per cent increase in holiday lets
The council has reportedly seen a 44 per cent increase in the number of properties registered as holiday lets since May 2019 (915) to May 2022 (1,134).
While short-term holiday lets are not the only reason the Island faces a housing crisis, the council says, it has added to it for many working low and median-income families, including key workers in health and social care and other essential public services.
2,465 people need urgent housing
Latest council figures show, at the end of June, there were 2,465 people on the council’s housing register who urgently needed housing.
To keep houses available in the rental market and available for Islanders, the council is proposing to require holiday lets operating for more than 140 days a year to get planning permission.
Restricting second homes
It is also setting out a policy that would restrict the ownership of second homes on the Island, keeping them away from new build properties.
These policies are part of the Isle of Wight Council’s draft Island Planning Strategy which is looking to set the council’s planning policies developers and builders have to abide by for the next 15 years.
The planning strategy is waiting to be approved by the full council before it is sent off for final approval by the Planning Inspectorate.
This article is from the BBC’s LDRS (Local Democracy Reporter Service) scheme, which News OnTheWight is taking part in. Some alterations and additions may have been made by OnTheWight. Ed
Image: Tax Rebate Org UK under CC BY 2.0
