Even wealthy holiday let landlords are quitting - agency claim

The founder of a luxury holiday lets firm in one of the UK’s tourist hotspots says even wealthy landlords are now quitting thanks to increased mortgage costs.

Kate Allen, founder at Devon-based luxury lettings agency Finest Stays, says:  “Though house prices fell only modestly in June, the trajectory is now almost certainly down, at least during the rest of 2023. 

“Much will depend on the inflation data this month, as core inflation is currently extremely sticky. 

“As interest rates rise ever higher, the surge in the number of holiday homes coming onto the market in the South Hams, with most priced below the £1m mark, is hard to miss. 

“The bitter taste of remortgaging at today's rates is proving enough to make even the wealthier people out there want to ditch the debt. Asking prices for good properties in prime locations remain firm but overall it's without doubt a buyers' market now.”

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