A holiday lettings company says it’s seen a 23 per cent increase in its portfolio over the past year as owners switch from buy to let to cash in on the staycation craze.
“We haven’t seen this surge in the number of new properties coming on-board before and a number of factors seemed to have combined to boost the marketplace” says Simon Altham, chief portfolio officer for the cottages.com service.
“While it’s not as simple as saying this is all down to Brexit, it is clear from hosts’ feedback that they are looking to make the most of the UK consumers’ decision to stay closer to home this year and beyond” he continues.
“Secondly, second homeowners are looking at new ways to maximise the value of their investment, and domestic tourism is one part of the economy that is continuing to do well.
“And finally, the rise can also be attributed to owners moving from buy-to-let to holiday lets, as a result of the recent regulation and taxation changes in the private rental sector.”
His firm’s statistics also highlight a key change in the holiday letting market, with a 12 per cent increase in what he calls “super-luxury property recruitment” in the first half of the year.
The market also continues to see demand for short breaks and last-minute getaways grow, as holiday dates become more flexible to meet changing customer booking patterns.
Long-term trends within the business also point towards UK self-catering breaks increasing in demand, with a 22 per cent growth in bookings for 2020 recorded in the first half of 2019, compared to the same period last year.
Leading destinations with the strongest growth are in the South West, Yorkshire, East Anglia and Lake District, with Keswick topping the list in showing the largest growth in new rental properties coming into the market.