Demand for swift action as holiday rentals impact Edinburgh Festivals.

On the cusp of the world-leading Edinburgh Festivals, concerns are escalating over the city’s ability to cater to performers and visitors this summer. The impact of short-term let regulations has cast a looming shadow over the availability and affordability of accommodations during the Festivals in August.

Well-known personalities like comedian Jason Manford and TV personality Gail Porter have taken to social media to voice their exasperation at the escalating costs of finding a place to stay during the festive season. The Association of Scotland’s Self-Caterers (ASSC) has flagged the issue of dwindling supply as the primary culprit behind the surge in accommodation prices.

Recent figures from the City of Edinburgh Council highlight the stark reality as of 11th April 2024, with only 105 secondary lets – mainly professional self-catering businesses – securing a full licence. The ASSC reveals that approximately 1,800 self-catering units have applied for a non-refundable one-year licence, with some facing fees of over £5,000. Many of these units are refraining from advertising for August due to the uncertainty surrounding the approval of their applications.

The ASSC has been steadfast in its call for the government to prioritise building more housing and addressing the issue of vacant homes rather than shutting down local self-catering businesses. This drastic approach, they argue, will only result in the devastation of livelihoods without any significant benefits.

Since 2019, the ASSC has been advocating for balanced short-term let policies to safeguard Scotland’s £1 billion self-catering industry and the multitude of jobs it sustains within local communities. Fiona Campbell, CEO of the Association of Scotland’s Self-Caterers, expressed dismay at the unfolding scenario, calling it a “predictable mess.”

Campbell highlighted the disproportionate targeting of short-term lets as a solution to broader housing issues despite constituting just 0.7% of Edinburgh’s housing stock. The diminishing availability of such accommodations, vital for the tourism sector, is causing prices to soar. While the Council cited 12,000 Short-Term Lets in the city, a mere 105 secondary lets have been granted full licences.

Amidst the impending crisis, Edinburgh’s reputation as a hub of culture and creativity is at stake due to misguided policymaking on short-term lets. Campbell warned that the city, renowned for its Festivals, runs the risk of becoming a laughing stock if swift action is not taken.

As the clock ticks towards the Festivals, the industry remains eager to collaborate with local and national authorities to devise fair and effective regulations before irreparable damage occurs. It is imperative to strike a balance that safeguards both the interests of the community and the vitality of Edinburgh’s unique cultural offerings.