A UK holiday lets firm insists the sector is in good health despite the return of foreign vacations and the end of the pandemic.
Sykes Holiday Cottages says bookings to UK holiday lets and income potential remains up on pre-pandemic levels, with the latest figures demonstrating a 16 per cent increase in bookings over the Easter period.
The average Sykes owner saw a turnover of £24,000 last year, 59 per cent up on 2019. This rises to £33,000 for a three-bedroom property, and £57,500 for a let with five beds or more.
The figure also varies based on location, with Cumbria and the Lake District topping the highest-earning holiday let hotspots for 2022 according to Sykes’ revenue figures, where owners can earn an average revenue of £28,000.
The Cotswolds also made its first appearance on the top five highest earning regions list, with an average annual income of £28,000, closely followed by the Peak District in third place with an average turnover of £27,500.
For those weighing up what to invest in, hot tubs continue to be the greatest boost for revenue, adding 37 per cent to average incomes, while pet-friendly properties could earn owners 31 per cent more.
According to a poll of UK holiday home owners commissioned by Sykes a quarter are very worried about the potential of new regulations or fees being enforced, with a further half somewhat worried.
Last week the government launched two consultations on its desire to see a mandatory register of holiday lets, with new properties entering the sector likely to require planning permission.
Sykes chief executive Graham Donoghue says: “We’re still seeing a significant number of new holiday home owners join us despite the rising cost of living, and positively for owners, bookings and income levels are continuing to grow.
“The government’s impending review into the sector can’t be ignored and our research would suggest that this is on holiday let owner’s radars too. However, at this stage, our view is that any immediate changes for the sector are quite unlikely amid other priorities in government.
“In the meantime, our focus as a business is on continuing to demonstrate the sector’s positive impact while playing our part in supporting its sustainable growth.”
Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions.
If any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals, then the post may be deleted and the individual immediately banned from posting in future.
Please help us by reporting comments you consider to be unduly offensive so we can review and take action if necessary. Thank you.
.png)
Join the conversation
Jump to latest comment and add your reply
This is the next sector that the government are going to attack, by way of more burdening legislation and higher taxes.
They have almost managed to ruin the PRS with their policies, so the holiday sector is next on the list.
Making money in this country is now frowned upon and they can use various excuses to relieve us of our hard-earned cash.
We are not alone in this however, Spain has a left wing government in coalition with an ultra-left party in 'Podemos' and they are looking at the housing sector and ways to further regulate the rented and holiday sectors, so their is no respite there either.
Please login to comment