There is growing interest in short-term holiday lets in the UK. Following the first lockdown, Brits flocked to short-term rentals around the country. Once current lockdown restrictions are eased, UK staycations will likely undergo another boom. After spending so much time stuck at home, many will be longing to get away as soon as possible.
Is now the time to invest in holiday lets?
Experts predict the short-term letting sector to see further growth in the coming years. Recently, the rise of staycations has rejuvenated the business. It is now becoming more popular for buy-to-let landlords to branch out into holiday rentals.
An increasing number of landlords are adding short-term let properties to their portfolios to diversify their investments. Brexit is anticipated to strengthen this market further. The rate of the pound sterling has remained in a slump since the 2016 EU referendum. The unfortunate exchange rates make staycations even more attractive to British holiday-makers. Additionally, it has also become cheaper for foreign tourists to visit the UK, causing further tourism growth.
There is the potential for landlords to earn significantly more from short-term holiday rentals than long-term rental properties. It is not uncommon for holiday rentals to charge more money for a one-week stay than a buy-to-let would for a month. There are also tax benefits to be considered for furnished holiday lets.
Why are short-term holiday lets becoming more popular among holidaymakers?
Privacy has become more of a priority among holiday-makers. It is more popular than ever for holiday-goers to find private accommodation across city, rural, and coastal destinations around the country.
Many successful booking apps have made it quick and easy for travellers to find accommodation. The apps also make it simpler for rental owners to list their accommodation across a far-reaching platform. One of the most popular apps is Airbnb, which has considerably affected the short-term rental boom.
As more people become aware of their environmental impact, many individuals choose to stay closer to home rather than fly abroad. Taking environmental responsibility for climate change and reducing personal carbon footprint will lead people to take more staycations, which will give an extra boost to the UK’s holiday lettings market.
In 2020, last-minute mini-breaks became especially attractive. Following the first lockdown last summer, Brits jumped at the opportunity to book a staycation holiday around the UK. Once restrictions are eased, the public will likely replicate this.
Short-term holiday lets will also be preferable in 2021 because they are COVID friendly. Most rentals require no human interaction, making it more appealing for coronavirus concerns. Booking, communication, and payment can all been made online or via a host of apps.
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