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Holiday home tourism bonanza for local economies - and huge increase in opportunities for entrepreneurs. A report out today by Holidaylettings has revealed good news for at least one sector of the property industry as it is revealed more and more Britons are choosing to take holidays at home rather than heading abroad this year.
With around two million properties owned as second homes in the UK the opportunities for the self-catering holiday market and local economies appears to be endless. Holidaylettings believe that with a surge in popularity in self catering holidays there are a great amount of business opportunities for home owners and alert entrepreneurs will benefit.
Value for money
The burgeoning number of self-catering holidaymakers seeking greater richness of experience and value for money from, what they deem to be, ‘essential’ holidays is perpetuating growth in the holiday home letting market and bringing more revenue into wider local economies as a result.
A survey by Holidaylettings of over 600 self-catering holidaymakers found that on average people spend more than half on self-catering accommodation than on hotels, yet more than double on eating out, grocery shopping and attractions in the local area than hotel guests.
Massive benefits for landlords
Furthermore, holiday home landlords achieve between £3,000 and £12,000 per annum in rental income; more than a significant contribution towards mortgage and running costs, if not the wider economy in income tax.
With around a third of all British holiday homes located in Devon and Cornwall there are incontestable prospects for second home owners who currently only use their other home for the average four to six weeks each year.
Furthermore, local economies, second home owners and holidaymakers would all benefit from property owners realising the added value of their assets and letting their second home for short term periods.
Homes in Newquay, Bude and Padstow in Cornwall receive in excess of the average number of annual booking enquiries through holidaylettings.co.uk, as do those in Croyde and Dartmouth in Devon. Away from the coast, homes in Cotswold villages such as Burford and Bourton-on-the-Water receive on average more than double the annual enquiry figure, as do locations such as Coniston and Bassenthwaite in the Lake District.
Short term letting is a simple, money raising, economy supporting solution for owners of second homes whether they are struggling to cover their next mortgage payment, wondering how to recoup increased costs in these inflationary times or just preventing their home from standing empty.
Currently only an estimated 20 per cent of second home owners actually rent their property out on a short term basis; a figure holidaylettings.co.uk expects to increase in the coming months and years as owners realise the added value of their assets.
As the number of holiday home landlords increases, there will be greater use of second homes, greater injection of investment in local communities and far less need for concern regarding the future of communities or the need for government policy and planning permissions to determine the use of property by its owners, as has recently been called for by Liberal Democrat MP Matthew Taylor.
Ross Elder, managing director of Holidaylettings says, “there is a symbiotic relationship between holiday home ownership and tourism and this needs to be harnessed and encouraged by the government, home owners, tourist boards and local economies. Letting out your holiday home is one of the simplest solutions for raising additional income as well as contributing to the local economy of your chosen location, even in your absence.”
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