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Research shows interest in UK holiday let investment
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Research from the Nottingham Building Society finds a staycation boom has inspired people to consider buying a UK holiday let property.
It commissioned consumer research company Consumer Intelligence to interview 1,470 UK adults.
Its findings show 9% are seriously considering buying a holiday let over the next five years. Another 21% are open to the possibility of doing so.
The study shows that holiday lets have increased in popularity. 52% of those surveyed who own UK holiday let properties say they bought them in the past two years.
67% say they and their family would go on holiday there every year, while 29% would consider trips to the property. Just 4% would not visit at all.
10% say buying a holiday let to permanently live in one day is already in their plans for retirement, while 56% say that would be a consideration to buy.
84% of those surveyed who already own holiday lets said they made more income from them in 2021 than 2020, with 23% estimating income was 30% or more higher.
However, and potentially taking into account the current cost of living crisis, the research shows 52% have cut rents, with 27% reducing them by a fifth or more compared with last year.
Regions of the UK where potential holiday let owners would most like to buy
| REGION | % WOULD CHOOSE FOR A HOLIDAY LET |
| Scotland/Wales/Northern Ireland | 23% |
| South West | 17% |
| London | 15% |
| East Midlands | 11% |
| West Midlands | 9% |
| South East | 9% |
| Yorkshire & Humberside | 6% |
| North West | 5% |
| North East | 5% |
Christie Cook, Head of Mortgage Product at The Nottingham, comments: “Buying holiday lets is an aspiration for many – with some planning to go on holiday there, a significant number planning to live there permanently in the future and others seeing them purely as an investment.
“The recent staycation boom has driven interest in UK holiday lets, particularly as the pandemic reintroduced people to the beauty of holidays in the UK.
“We were delighted to recently announce that we are now lending on holiday lets in England and Wales. Our advice to anyone planning to buy a holiday let would be for them to get in touch with an expert broker to assist in looking at their mortgage options.”
