Staycations and Holiday BTLs
Where, when and how to holiday is the question on many people’s lips across the UK. The staycation has become the norm over the past 12 months and there’s no sign of it going away anytime soon.
Lenders are also recognising this fact and an increasing number of doors are opening for those looking to invest in catering for these types of breaks. This is highlighted from data collated and released by Moneyfacts which showed that the number of holiday let products available in the market has continued to rise since March 2020.
The analysis found 149 holiday let products available from 21 lenders. This figure was higher than in October 2020 when there were 103 products available from 17 lenders, and from August 2020, when 74 products were being offered across 14 lenders.
In addition, research from Hodge Bank outlined that sales of holiday homes near the coast have surged over the past six months, with holiday let mortgages for properties in Wales almost doubling since September 2020. This revealed that the most popular destination for holiday let buyers is the South West at 39%, followed by Wales at 19% and the North West at 12%.
Whilst this is a growing market, this is not an area which investors should be entering into lightly. And it is one where the value of good, professional advice can prove key when building, adding to or restructuring any portfolio.