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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.
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
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Purchasing or refinancing a holiday let with West One
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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.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