The holiday let boom… 14 Sep 2021
The BBC has recently reported a huge rise in the holiday letting industry, with over 11,000 second home owners flipping their rental property to a holiday let. Analysis of government figures by real estate advisers the Altus Group, shows the number of holiday homes trading as businesses has jumped by more than 20% since the covid pandemic started.
Altus Group’s finding suggest:
A rental price “boom” in holiday hotspots had led to the shift.
Restrictions on foreign travel to other countries has resulted in a surge in demand for domestic holidays.
The data shows 67,578 homes classified as holiday homes have been flipped to become commercial premises, compared to 56,102 properties in March last year.
Thanks to record visitor numbers to Cornwall and Devon, almost 4,000 homes have been flipped in South West England alone and the South East also has also seen a rise in the number of new lets, with a 27% rise – or 1,458 properties.
The government announced in the March Budget that it will be aiming to increase tax for second home owners, and this would mean they would only be able register for business rates relief if their properties were genuine holiday lets.
