Britain's holiday rental market booms as the weak pound persuades millions to opt for a 'staycation' this summer
- The average price of a week's stay in peak season is up 6.4 per cent on last year
- Prices soared 17.5 per cent in the south of England and 14.5 per cent in Cornwall
- Pound plunge after Brexit vote means Britons get less for their money abroad
Britain's holiday rental market is booming as the weak pound persuades millions to opt for a 'staycation' this summer.
The average price of a week's stay in peak season is up 6.4 per cent on last year at £1,200, according to property firm Second Estates.
Prices soared 17.5 per cent in the south of England and 14.5 per cent in Cornwall, which is the most expensive place to rent a holiday home with an average weekly price of £1,740.
Britain's holiday rental market is booming as the weak pound persuades millions to opt for a 'staycation' this summer. Pictured: Brixham on the south coast of Devon
The average price of a week's stay in peak season is up 6.4 per cent on last year at £1,200, according to property firm SecondEstates
One main factor behind the increase is the rise in 'staycations' due to the 14 per cent devaluation of the pound since the Brexit vote which means Britons get less for their money abroad.
Travel marketing group Sojern has seen searches and bookings for trips within the UK this summer rise by 23.8 per cent.
Meanwhile, more tourists than ever before are visiting the UK. VisitBritain figures show 3.7million came in April this year, up 19 per cent compared to the same month last year and the highest in April since records began.
Alistair Malins, chief executive of Second Estates, said: '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.'
The figures were based on analysis of 8,239 holiday properties across the UK using data from Sykes Cottages.
They are backed up by holiday rental companies who say they are enjoying a boom period in the demand for UK holiday lets.
One main factor behind the increase is the rise in 'staycations' due to the 14 per cent devaluation of the pound since the Brexit vote. Pictured: Blackpool sands, Devon
Prices soared 17.5 per cent in the south of England and 8.9 per cent in Devon. Pictured: Sunrise at Salcombe, Devon
Jackie Dawes of south west cottage agency Helpful Holidays told This Is Money: 'We have experienced both an increase in bookings and revenues for 2017 at similar levels to those reported by Second Estates.'
She said the current warm weather and a renewed 'allure of the coast and countryside' were helping to boost demand alongside the weak pound.
Coast and Country Cottages said their average rental values were 8.7 per cent higher than last year and overall rental income was 10 per cent higher.
Holidaycottages.co.uk also reported a spike in rental revenue, with a 74 per cent increase in short break stays as families and couples increasingly get away for a weekend instead of a full week.
In 2016 the average rental income per holiday property reached £22,281 - double the of average of £11,052 for residential properties.
The UK holiday rental market - with around 165,000 properties - generated £2.1billion.
Mr Malins said this makes holiday properties an ever-more attractive investment. 'At a time when buy-to-let rents are increasing at a 12-month average of 1.12 per cent and the latest ONS inflation figures are at 2.9 per cent, investors are looking further afield for low risk and high yielding assets.'
Most watched Money videos
- The new Volkswagen Passat - a long range PHEV that's only available as an estate
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- MG unveils new MG3 - Britain's cheapest full-hybrid car
- German car giant BMW has released the X2 and it has gone electric!
- Mini unveil an electrified version of their popular Countryman
- Steve McQueen featured driving famous stunt car in 'The Hunter'
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- How to invest to beat tax raids and make more of your money
- Mail Online takes a tour of Gatwick's modern EV charging station
- Dacia Spring is Britain's cheapest EV at under £15,000
- Iconic Dodge Charger goes electric as company unveils its Daytona
- Neil Woodford is back as a finfluencer: You may remember...
- Two female BP execs to leave in first reshuffle since...
- The luxury giant going for gold at the Paris Olympics -...
- Wall Street pins hopes on a set of upbeat results from...
- Foxtons hails best under-offer homes pipeline since...
- Co-op Bank agrees possible £780m takeover by Coventry...
- G7 fights for Ukraine cash as Russia's economy booms -...
- MARKET REPORT: Airlines soar as Easyjet eyes a record summer
- I was left £5,000 short after 6 months waiting for state...
- Average car insurance bills rocket to almost £1,000:...
- My husband managed all my money. Now he's left me, what...
- 888 shares rise as William Hill owner posts...
- Why is bitcoin halving this weekend? How the event could...
- Hunt raises alarm over bid for Royal Mail as 'Czech...
- 'I'm neither hero nor villain', insists disgraced fund...
- BUSINESS LIVE: Retail sales stagnate; 888 revenues beat...
- Could the recent record rainfall leave our supermarket...
- Rentokil shares slip as investors mull mixed picture on...