The Covid pandemic has led to a boom in "staycationing", with prices for holiday accommodation rocketing in tourist hotspots such as the Island, and many seeking to capitalise by converting second homes into holiday lets.

Many landlords have pulled their homes from the rental market, to tap into the more lucrative holiday letting market. However, there is such a lack of housing for local families, some could be offered mainland homes instead.

New figures from the Government’s Valuation Office Agency, provided by property experts Altus Group, show there were 1,321 holiday lets on the Isle of Wight trading as businesses as of the end of May.

This was 269 more than in mid-March 2020, before the onset of the pandemic.

This figure only covers second homes registered as commercial premises — meaning they must be made available for at least 140 days each year — but does not include other second homes used for private holiday lets.

Owners of holiday lets in England can claim 100 per cent business rates relief if the property has a rateable value of up to £12,000, and will also not have to pay council tax.

Records from the Department for Levelling Up, Housing and Communities from September 2021 show there were 2,946 properties registered as second homes for council tax purposes on the Isle of Wight.

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They do not need to prove the property has actually been let out to claim the tax break.

In January the Government announced it was clamping down on the holiday let tax loophole, telling second homeowners they will have to prove their properties are rented out for a minimum of 70 days a year to access small business rates relief.