The Continued Rise of the Holiday Let
After experiencing a welcome period of sunshine, I’m sure we’re all looking ahead to some kind of summer break, if possible. Even though restrictions are hopefully easing across the UK, uncertainty remains when it comes to overseas travel. The result being that domestic holidays are likely to remain extremely popular and the holiday let market will continue to blossom.
So where are these holiday let hotspots?
While coast and country are still popular, new data from Hodge revealed that cities are currently making up 10% of its holiday let mortgage applications. The data highlighted that 59% of mortgage applications are for coastal homes, nearly a third (31%) are for country bolt holes, but 10% were for a place in the city.
York was said to currently be the most popular city to buy a holiday home, followed by Norwich, Edinburgh, Hereford and Glasgow.
The holiday let market remains an interesting one to follow and whilst the building society sector appears to be leading the way from a product perspective at the moment, I fully expect competition to intensify in the coming months. However, there is one important caveat for investors to remember. This is not an area which should not be entering into lightly and one where – alongside a significant amount of research and due diligence – the value of good, professional advice can prove key when building, adding to or restructuring any portfolio.
If you are interested in the holiday let market, then why not speak to one of our consultants to find out more?