The UK has become a nation of staycationers, which in turn has caused the price of holiday homes to soar, according to research1.
The purchase price of holiday lets increased by 12% between October 2020 (£387,993 on average) and March 2021 (£435,476 on average), based on holiday home mortgage applications.
Sharp rise in mortgage applications the number of mortgage applications for holiday lets have also risen sharply in the same time period, with March 2021 seeing a third more mortgage applications compared with October 2020.
Staycations – here to stay?
International travel is still restricted, with just a handful of countries on the government’s ‘green’ safe list, meaning that – for now at least – staycations will remain the holiday of choice for the majority of British holidaymakers. So, it’s unsurprising that canny investors are snapping up holiday lets this year.
A survey2 shows that UK destinations remain high on travellers’ lists for 2021, with Cornwall, the Scottish Highlands and Devon among the most sought-after destinations.
Looking to let?
If you’d like to invest in a holiday let and take advantage of the staycation trend, get in touch. We can assist you in finding suitable mortgage finance for your needs.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.