Expat buy-to-let or Holiday Let?
The average holiday let generated annual rental income of £25,700 in 2023. This represents more than double the average of £12,130 for residential properties, according to recent figures.
Holiday Let Income.
As such the average holiday let property generates a whopping £1250 a week, almost FIVE times the average weekly rent in the UK. There are now over 170,000 holiday let properties in the UK, with the average income per booking up 7% in the last quarter of 2023.
The areas in the UK where holiday let rental growth was fastest in the last four months of 2023 were:
South of England (+17.3%)
Rental Income Rise.
The rise in rental income is being boosted by international and domestic visiting looking for short-term stays in popular UK holiday destinations.
There were a record number of visits to the UK in 2023 of over 28 million. Overseas visitors contributed more £22bn to the UK economy. The number of overseas visitors increased 7% in the last three months of 2023 (compared to the same period in 2022) and the amount they spent increased 13%.
The weak pound is persuading millions of Britons to remain in the UK this summer and attracting more overseas visitors to the UK. The strength of the UK tourist industry is paying dividends for holiday property owners in abundance. Landlords have had just about everything thrown at them of late so only time will tell if we see a shift to holiday lettings in the future.
Can we assist?
If you are looking for a new or re-mortgage do get in contact. One of our qualified Independent Expat mortgage advisers will be happy to help.