3RD HOME, the exchange club for owners of luxury second homes has welcomed new laws passed by Parliament on March 26th 2015 that facilitates the growth of the sharing economy and will help the UK become a world leader in this field.
The new laws mean that London residents will now be able to share their homes with guests from around the world, like residents in the rest of the UK, without the need for permission from local authorities. Other measures passed include making it easier for tenants to secure permission from their landlords and updating the official model tenancy agreement to allow home sharing by default.
From carpooling to house swapping and time sharing, the sharing economy has empowered people to hire out their power drills and spare rooms and get the most from their assets. It is estimated that 25% of UK adults are sharing online, and current global revenues of around £9 billion could reach £230 billion per year by 2025. Within the same timeframe, the sharing economy is estimated to reach 50% market share in key sectors such as holiday accommodation and car-sharing/car rental.
Matt Hancock, minister of state at the department for business, innovation and skills comments: “These forward-thinking measures will help to write sharing into the fabric of the UK economy and bring laws up to speed with modern behaviour and consumer preferences. This is all about increasing competition, driving innovation and offering new products and experiences to consumers. And it’s about ensuring consumers get the very best deal.”
Giles Adams, President and Partner at 3RD HOME says: “Any changes that promote, encourage and make it easier for homeowners to share their home with others is great news. The fact that legislation is being implemented to help foster this movement shows that, unlike a fad, these shifts in consumption dynamics are here to stay. London has been a much requested destination for home swaps and this new legislation will enable owners of London homes, whether they have a primary or secondary residence, to utilise their asset and swap time with other locations around the world.”
There are currently 3,500 members in 3RD HOME with an average property value of £1.6 million. 3RD HOME enables second home owners to travel the world and stay in premier properties without paying villa or hotel rental rates. Unlike traditional home exchanges, 3RD HOME does not require a direct or simultaneous exchange with another member.
Adams says: “3RD HOME members benefit from the knowledge that those staying in their homes have their own properties in the programme. There is the underlying notion of “do unto my property as you would have me do yours” and as such we have had very few damage or security issues. Our members like the closed environment and the management that we provide. Additionally, we are not a rental pool so no money changes hands between our members for the temporary use of the home and as we only have high-end second or rental homes in the club, membership allows the owners of these properties to truly maximise their value by using the downtime to travel themselves.”
3RD HOME is the premier private club for the owners of luxury second homes. Featuring 3000 properties worldwide, with an average value of £1.6 million, as well as endorsements from iconic resorts and residential developments, 3RD HOME enables second home owners to travel the world and stay in premier properties without paying villa or hotel rental rates. Unlike traditional home exchanges, 3RD HOME does not require a direct or simultaneous exchange with another member. By making available weeks of
time in their own second home for other members’ use, members earn 3RD HOME Keys which can be used as currency to immediately reserve a stay at other 3RD HOME properties. To learn more, visit www.3rdhome.com or call +44 (0)207 193 3091.