Rise in popularity of the ‘staycation’ creates opportunities for BTL landlords
The rise in popularity of holidaying in the UK or ‘staycation’ has led to a mini boom for the UK tourist industry.
With lots of events planned around the country, designed to encourage people to take a last minute break, this April bank holiday weekend looks set to be busy for hotels, restaurants and tourist attractions.
With staycations increasing in popularity, a new report by Sykes Holiday Cottages suggests that holiday home owners can expect their property to generate in the region of £20,000 in revenue, up from £18,000 the previous year.
Fresh research shows from Sykes Holiday Cottages shows that two-thirds – 66% – of Brits enjoyed a staycation last year, up from 56% in 2017.
Cumbria, Cornwall and Dorset have emerged as the most profitable places to own a holiday home, according to the latest Sykes Staycation Index.
Cumbrias was the most lucrative holiday hotspot last year, with a four-bedroom property generating average revenue of £28,000 a year, followed closely by Cornwall and Dorset.
The study found that home comforts are increasingly sought after by staycationers, with properties with WiFi making 16% more, and open fires boosting revenue by 14%.
The demand for dog-friendly accommodation is also on the rise, with properties where pets are welcome earning 11% more.
Graham Donoghue, CEO, Sykes Holiday Cottages, said, “The UK tourism industry is going from strength to strength – and it’s paying dividends for holiday property owners.
“With holiday let yields continuing to outpace residential buy-to-let growth, they’re becoming an increasingly attractive option to investors, in terms of low risk and high yielding assets.
“With a surge in demand for staycations, our cottages are generating more revenue than ever before. And with staycations set to soar further, there’s never been a better time to invest.”