West One’s summer staycation wish list

The UK is experiencing a boom in the number of Brits staycationing, which presents a new and exciting opportunity for property investors.

We have created a series of articles and videos to help you and your clients understand the opportunities and considerations before purchasing a holiday rental property.

To kick-off, we’ve chosen our top 10 UK staycation locations and looked at the buy-to-let opportunities there.

As you can see from the figures below there is a huge potential for higher profit margins from holiday lets.

Cirencester, Cotswold

Average property price*: £367,597

Average cost of a week staycation for a family of 4**: £1,027

Average monthly rental***: £1,216

St Ives, Cornwall

Average property price*: £449,682

Average cost of a week staycation for a family of 4**: £2,067

Average monthly rental***: £795

Windermere, Lake District

Average property price*: £412,087

Average cost of a week staycation for a family of 4**: £873

Average monthly rental***: £1,000

Caernarfon, Snowdonia

Average property price*: £167,966

Average cost of a week staycation for a family of 4**: £994

Average monthly rental***: £486

Harrogate, Yorkshire Dales

Average property price*: £381,653

Average cost of a week staycation for a family of 4**: £894

Average monthly rental***: £955

Weymouth, Dorset

Average property price*: £274,707

Average cost of a week staycation for a family of 4**: £1,233

Average monthly rental***: £681

Edinburgh

Average property price*: £304,750

Average cost of a week staycation for a family of 4**: £1,448

Average monthly rental***: £1,367

Fort William, Highlands

Average property price*: £176,910

Average cost of a week staycation for a family of 4**: £1,058

Average monthly rental***: £750

Torquay, Devon

Average property price*: £253,439

Average cost of a week staycation for a family of 4**: £1,408

Average monthly rental***: £790

Bakewell, Peak District

Average property price*: £443,458

Average cost of a week staycation for a family of 4**: £891

Average monthly rental***: £1,051

• Purchasing or refinancing a holiday let with West One

• Our specialist buy-to-let product range is available for existing or first-time landlords wishing to finance holiday lets in their personal names or through a limited company SPV. Find out more about our holiday let mortgage products and their criteria in this short video:

   

  Key Features
  
  

1. Holiday lets are assessed on an AST rental basis.
2. Alongside existing landlords, we can lend to first time landlords with no letting experience.
3. This product is available to individuals, limited companies, and expats.
4. There are no minimum income requirements.
5. We can accommodate short term lets and serviced accommodation.

If you have a client looking to purchase or remortgage a holiday buy-to-let, please contact your BDM or the broker support team on 0333 123 4556 or email btlbrokersupport@westoneloans.co.uk.

These figures are presented for information and illustration purposes only.

Sources:

https://issuu.com/bandcmagazine/docs/bridging_commercial_magazine_-_issue_15/16

https://www.lifestyledaily.co.uk/article/2021/06/14/report-reveals-over-half-brits-appreciate-holidays-uk-more-ever

* https://www.rightmove.co.uk/

** 7 nights for a family of four from 6th – 13th August 2022 from https://www.cottages.com/
*** https://www.home.co.uk/for_rent/current_rents_by_town.htm