West One’s summer staycation wish list

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

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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

2 - Cirencester Cotswolds

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

1 - 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

3 - 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

5 - 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

6 - Harrogate Yorkshire

Average property price*: £381,653

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

Average monthly rental***: £955

Weymouth, Dorset

4 - 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

8 - 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

9 - 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

7 - 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

10 - 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

  • Holiday lets are assessed on an AST rental basis.
  • Alongside existing landlords, we can lend to first time landlords with no letting experience.
  • This product is available to individuals, limited companies, and expats.
  • There are no minimum income requirements.
  • 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