‘Airbnb was founded in the recession of 2008, but there are parallels to where we are today, and we certainly see that with hosts in the UK. As living costs continue to rise, the extra earnings from hosting on Airbnb help hosts to pay for higher mortgages, higher energy costs – whatever the bill is.
‘Hosting is a really flexible way to make the most of what is, for most people, the most expensive thing they will buy in their life – their home – and to earn income from it. On average, hosts let out space in their home for three nights a month, and earn just over £6,000 a year. This can be quite a significant source of additional income for many families who need it.’
‘Hosts on Airbnb are ordinary people – and we are constantly seeking ways to support them. Last year, we set up a £1 million fund to support hosts who wanted to make improvements to their property’s energy efficiency. This not only aids in reducing their carbon emissions, but it also helps them save on their bills at a time when every penny matters.’
Why did Airbnb call on banks and building societies to update their mortgage policies earlier this year?
‘In this country, the contractual structures that govern things like mortgages can be quite rigid. We believe it’s really important that people have the flexibility to share their space if they want or need to. Earlier this year, we called on banks and building societies to update their policies. We’ve had some good conversations and we’re hopeful for positive news on this front soon.
How does the money generated by Hosts and guests benefit the UK economy?
‘Stays on Airbnb bring guests to the communities that hosts call home.