A firm says it wants to help agents and sellers frustrated by a stagnating housing market to short-let homes using controversial platforms such as Airbnb while waiting to find buyers.
Hostmaker, a hospitality management start-up business, claims this would allow vendors to cover possible bridging loans and thus assist in keeping rather than breaking chains.
“Property professionals are having a tough time advising customers amid this slump in the market. Moving house is one of the most stressful times of people’s lives. Should a home take longer to sell, the fear of potentially having to cough up for two mortgages in the same month can only perpetuate this” says Hostmaker founder Nakul Sharma, who previously worked for Starwood Hotels and InterContinental Hotels Group.
“Micro-lets ‘plug the gaps’ and provide a new solution to property downtime that can help homeowners and property professionals alike throughout the selling process” he claims.
Hostmaker is an online platform that provides a form of short-let management including cleaning services, linen rental, key exchange and guidance on pricing.
He claims the stamp duty surcharge of second homes and reduced housing market confidence thanks to Brexit uncertainty have highlighted weaknesses in the sales landscape.
“So the question is, when a property remains empty and unused - how can property professionals and estate agents help homeowners generate funds to potentially pay for two mortgages simultaneously, in a way that doesn’t negatively impact the selling process?” asks Sharma - who clearly believes he has the answer.