Holiday let market benefitting from weak pound

The UK’s short-term holiday let market has experienced a boom following a drop in the value of the pound, persuading millions to opt for a ‘staycation’ this summer.

The average price of a week’s stay in peak season is up 6.4 per cent on last year at £1,200, according to ‘The Holiday Property Investment Report’ compiled by Second Estates, meaning that holiday lets are now generating double the annual income of residential buy-to-let properties.

In the south of England, the figure has soared to 17.5 per cent and 14.5 per cent in Cornwall, the most expensive place to rent a holiday home with an average weekly price of £1,740.

Alistair Malins, chief executive 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.”

At Beavis Morgan, we have extensive experience of providing specialist advice to property owners and we are on hand to assist you remain profitable and increase your net worth. We also have extensive experience of working with clients in the hospitality and leisure/tourism sector and our professionals are acknowledged experts in issues affecting organisations operating in this area.

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