The UK’s short-term holiday let market is experiencing a boom, with average income per booking up 6.4% in the first four months of 2017. That’s according to the first detailed analysis of the sector, which we helped compile for our client, Second Estates, by crunching data from over 5,000 holiday properties.
The analysis was published today in The Holiday Property Investment Report.
The report reveals the UK now has 165,000 holiday let properties, with the average property generating annual rental income of £22,281 in 2016. This is double the average of £11,052 for residential properties, where rents are currently declining in many areas.
Alistair Malins, CEO of Second Estates, comments, “The weak pound is persuading millions of Britons to remain in the UK this summer and attracting more overseas visitors to the UK. The strength of the UK tourist industry is paying dividends for holiday property owners.”
Second Estates also analysed features popular with holidaymakers that deliver an income uplift for holiday let properties. Top of the list was a hot tub, leading to annual rental income £6,720 above the average, whilst properties which have a name rather than house number command £1,619 more a year. An open or wood fire generates an uplift of £1,119, whilst dog friendly properties generate £397 more than the annual average.