With 60,000 active Airbnb listings in London - How Can You Avoid Your Property Being One Of Them..
The rise of unauthorised subletting and short-term letting in Central London has reached alarming levels. Recent studies show that up to 23% of Central London rental properties have been listed on Airbnb without landlord consent.
With over 60,000 active Airbnb listings in London and an estimated 37% of these being entire properties, the risks to landlords have never been higher.
As one of the largest independent estate agents in Central London, our team have seen a concerning trend: approximately 1 in 8 tenancies in prime Central London areas involve some form of unauthorised subletting. Even more worrying, we have found that nearly 15% of long-term tenants in areas like Soho and Covent Garden have attempted to profit from short-term letting without landlord permission. Luckily these properties were not our own tenants, simply due to our in house referencing team which is unique in this area of London.
Tenant Screening
The most effective defense is a robust screening process. With unauthorised subletting costing London landlords an estimated £6.5 million annually in damages and lost income, proper screening has never been more crucial. Key warning signs to watch for include:
- Reluctance to provide previous landlord references
- Inconsistencies in their rental history
- Pressure to move in immediately without proper checks
- Offering to pay several months upfront (this can be a red flag for potential illegal activities)
- Multiple viewers during property viewings who aren't named on the application
Our Platinum Property Management service includes comprehensive background verification, saving you time while ensuring nothing slips through the cracks.
Implement Professional Reference Checking
Don't just collect references – verify them thoroughly. Our data shows that 28% of problematic tenancies could have been prevented through more thorough reference checking. This means:
- Speaking directly with previous landlords (not just relying on written references)
- Verifying employment status and income through employers
- Cross-referencing addresses with provided documentation
- Checking for any County Court Judgments (CCJs)
Conduct Thorough Financial Due Diligence
Financial checks are your first line of defense against potential payment issues:
- Review at least three months of bank statements
- Obtain and analyze credit reports from reputable agencies
- Verify income meets our recommended 2.5x monthly rent threshold
- Check for any bankruptcy history or financial red flags
- Look for suspicious patterns of large deposits that might indicate subletting income
Ensure Proper Documentation
Protect yourself legally with watertight documentation:
- Use professionally drafted, current tenancy agreements with specific clauses prohibiting short-term letting
- Maintain detailed photographic inventories
- Keep comprehensive records of all communications
- Ensure all safety certificates and legal requirements are up to date
- Include clear subletting and Airbnb prohibition clauses
Regular Property Inspections
With our data showing that unauthorized subletting is typically discovered within the first three months through proper inspections, regular monitoring is crucial:
- Schedule quarterly inspections
- Document all visits with photos and reports
- Address maintenance issues promptly
- Build a professional yet firm relationship with tenants
- Monitor short-term letting sites for your property
Why Choose Our Platinum Property Management Service?
Let Greater London Properties take the stress out of property management. Our service includes:
- Comprehensive tenant vetting and background checks
- Regular property inspections with detailed reports
- 24/7 maintenance coordination
- Rent collection and arrears management
- Legal compliance monitoring
- Professional inventory services
- Regular online monitoring for unauthorised listings
- Immediate action on subletting violations
Our experienced team handles everything, giving you peace of mind and protecting your investment. With our Platinum service, you can enjoy the benefits of property ownership without the day-to-day hassles of management.
Don't Wait Until It's Too Late
The cost of our Platinum Property Management service is minimal compared to the potential losses from a problematic tenant. With unauthorized subletting causing average losses of £6,000-£8,000 per incident, professional management is an investment in your property's security.
As Director of lettings I would be delighted to talk to you in more detail about this or any other questions you might have about the market, or specific questions in regards to renting out your property or portfolio. Call me on 0207 113 1066.
You can also find more details on our website here.
Warm Regards
Greater London Properties