As millions of Brits head off on their summer holidays, 50% are expected to take a ‘staycation’, choosing to remain in the UK to take their main summer holiday and enjoying the wonderful scenery and hopefully beautiful weather.
Brexit concerns, the heatwave of 2018, exchange rates and even rising levels of dog ownership, particularly among families, have all increased the popularity of staycations. Sykes Holiday Cottages report a 36% rise in bookings in 2018 alone. It is no surprise that holiday homes have also become a popular investment choice.
Owning a holiday home can offer a welcome retreat to escape to while also providing strong returns. With more favourable tax benefits than buy-to-let properties, buying a holiday home to let out can be an attractive and lucrative investment choice. It has been estimated that one in ten Brits now owns a second or holiday home.
Sykes Holiday Cottages estimate that the average annual income from a holiday home is £20,000 per annum, up from £18,000 in 2017. Properties in Cumbria earn the most with Cornwall in second place. Meanwhile, holiday makers will pay a premium for certain features with hot tubs proving the most lucrative.