The study found that 40 percent of people who rent out their homes on 'Airbnb-style' websites spend their earnings on home improvement projects.
Commenting on the research, Brian Berry, Chief Executive of the FMB, said: "The explosion of the sharing economy is helping home owners fund their refurbishment projects. In fact, home improvement work is the second most popular way in which 'Airbnb-style' landlords are choosing to spend their extra cash. Our same research shows that currently three per cent of British homeowners are renting their own homes out on 'Airbnb-style' websites. In the UK, this equates to around 800,000 homes. What's more, 16 per cent of home owners are interested in renting their homes out in this way in the future – this would equate to more than three and a half million additional properties."
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Mr Berry continued: "Money that was previously channelled into the hospitality industry is now lining the pockets of home owners, providing them with much-needed cash for home improvement work. This is good news for the UK's builders and helps explain why small construction firms are reporting strong growth in the domestic refurbishment sector despite Brexit jitters. Airbnb says that globally, it gains 14,000 new landlords each month on its own platform alone. If this trend continues, and if homeowners remain committed to investing the extra cash in repairing and maintaining their properties, rather than blowing the money on cars and clothes, it will stand the construction industry in good stead in the future."
(CM)
