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Leeds Building Society stops holiday lending in some areas “to protect local residents”

Leyburn

Leeds Building Society has halted lending to holiday let landlords in North Norfolk and North Yorkshire in a bid to curb Airbnbs in the areas.

The growth of short-term lets has become increasingly controversial for replacing long-term rental and residential stock, cutting the availability of homes available to local residents.

Richard Fearon, chief executive of the building society, said: “We will learn through the trial how effective this measure can be in increasing supply of residential homes and gain greater insight on steps that can make a positive difference.”

He described these properties as having a “significant stranglehold” over the supply of homes in these areas.

The lending restrictions will take effect from the end of March.

The North Yorkshire areas targeted include Scarborough, Whitby, Filey, Leyburn and Richmond.

Meanwhile the whole of the North Norfolk District Council area, which includes Cromer, Wells-next-the-Sea and Sheringham, will be included in the trial.

Ben Twomey, chief executive of campaign group Generation Rent, said the trial was “a forward-thinking step”.

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