Holidaying in the UK is undergoing a boom, when lockdown restrictions eased in 2020, UK travel businesses witnessed a massive surge in bookings.
2021 is looking the same and there is every reason to predict a continuing surge. 2021 is a great time to get into the short term letting business.
The travel industry is expecting international travel to still be under certain restrictions for some time causing the local holiday market’s revival to continue for quite a while.
People are choosing to stay closer to home for many reasons.
One is to reduce their carbon foot print by avoiding flying.
Brexit has meant European travel will cease to be as convenient as it once was. The pound has weakened against the Euro, making European travel less attractive and more attractive for foreign visitors.
It’s easier for pet lovers to bring their pampered pooch along too.
The market is massive, it’s still growing
Air bnb has played a large role in the short term rental boom, changing consumers’ behaviour when booking a short break or summer holiday.
It created a large market of more diverse properties As last-minute ‘minications’ became a thing last summer AND Britons scrambled to book a fun break, relatively close by.
This is leading to permanent changes in behaviour and UK holidaying is becoming the norm for many people.
Local Beauty Spots
As a nation, we are discovering the beauty of the UK, with 15 national parks., beautiful walks, cycle rides and lakes, miles of coastline, there’s so much to love about the outdoors in the UK.
Letting your property
If done right, landlords can earn significantly higher yields for short-term holiday rentals than long-term rentals. You can make more in a week than in a month compared to long term lets.
There can be major tax benefits of holiday let properties which ordinary buy to let landlords can’t obtain. These can make a huge difference to the profitability of your property. You can
pay business rates instead of council tax, you can claim more business expenses, and there may also be benefits for Capital Gains Tax (CGT) and Inheritance Tax (IHT) depending on how you operate your holiday let business. It’s essential to consult an accountant to find out exactly what tax advantages a holiday let could offer you.
To qualify here your property will normally need to be a furnished holiday let (or FHL as it’s known), available for letting at least 210 days a year and let for at least 105 of those.
Using an agent
There is a higher level of administration with a holiday let, as there is higher turnover. so this is where a reputable, established agent can come in. Allowing you to reap the rewards of a lucrative holiday let investment without any of the hassle.
Speak to the team at Chesters, an independant letting agency, based near the station in Eastbourne for advice on letting your property in this lovely holiday town.
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