The future is bright and buoyant for UK holiday-letters
By Hodge Bank
With restrictions easing around the world, it appears there’s still no place like home for us Brits. At Hodge, mortgage applications for January 2022 were up 77%, compared to January 2021, with 63% of applicants looking to purchase new UK properties.
Whether it’s the ease of domestic travel, the ability to stuff our cars with bags, bikes, buggies, boards, kids, pets and everything in between, or the fact we like to take a chance on the weather, home seems to be where the heart is. Well, home soil at least, especially if it comes with a great view and a hot-tub!
Emma Graham, business development director at Hodge, thinks the chance to get away from it all without having to really go all that far, is more appealing than ever after such a long period of uncertainty. She said: “While it’s no surprise the UK holiday rental market boomed last year when international travel wasn’t really an option, it makes sense that people are still being cautious when it comes to booking their annual break.
“I mean, who isn’t tired of their own four walls after the past two years, everyone needs a change of scenery but I think for some, booking a flight is a step too far.”
Will the British staycation remain a firm favourite as international travel options return?
Unsurprisingly 2020 and 2021 were record-breaking years for British holidays with global travel restrictions making international trips either impossible, or simply too much of a logistical nightmare.
Yet despite travel options returning, UK Holiday Let owners are gearing up for a bustling 2022 as staycation bookings continue to trump pre-pandemic levels. The latest data from Sykes Holiday Cottages reported rental bookings so far this year have increased by 158%, compared to the same period last year.
Sykes has stated “a stronger UK staycation market will remain a fixture.”
The brokers agree, with Joe Stallard from House and Holiday Home Mortgages Ltd, saying: “Those that thought staycation property purchasing would slow don’t appear to have called it correctly. “Enquiries and business submitted remains at a very high level. It’s noticeable that customers we spoke to early last year are coming back with properties to buy now right across the UK.
“We urge holiday let lenders like Hodge to continue to be innovative with their criteria and products as we continue to see demand for this type of lending.”
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