'Staycations' Continue to Fuel Short-Term Rental Boom
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Home Is Where the Holiday Is: Staycations & Short-Term Lets Thrive Post-Pandemic
Throughout the COVID-19 pandemic, there was a rise in demand for staycations in the UK as international travel became restricted.
Fast-forward a few years, and the public’s interest in staycations and short-term lets has continued.
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Why are Brits Turning to Staycation Holidays?
According to a report by Verdant Leisure, 91% of UK adults intend to book a staycation in 2024 as the cost-of-living crisis continues to impact finances, compared to 84% last year. These figures imply that the staycation boom is ongoing and growing in popularity.
So, why are many holidayers staying in the country rather than seeking sunnier shores?
63% of Verdant Leisure’s respondents said they seek good value for money when looking for their next holiday, suggesting that saving cash is a high priority for many. But despite this, savvy holidayers still ensure they can get the R&R they need by going for the more affordable staycation option.
The reduced environmental impact was another feature highlighted by respondents and perhaps indicative of the ‘rebrand’ domestic holidays have had in recent years. Previously regarded as the lesser alternative to holidaying abroad, many consider staycations a cost-effective and environmentally friendly option. Why not read about some of the best areas to buy in London for some inspiration?
With trends shifting, more tenants may value property types that implement more eco-conscious ideals than before.
Learn more: Stay up-to-date with the latest trends and discover everything to know when investing in property in 2024!
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Short-Letting Landlords Set to Benefit From Staycation Boom
Tighter regulations in particular UK regions have made it trickier for some short-let landlords. This includes different licensing schemes introduced across various council areas in Scotland and council tax premiums in parts of Wales.
However, this new research suggests that owners of short-let properties are in for a busy year, with landlords likely to benefit from the continued popularity of domestic holidays.
Another survey conducted last year by mortgage lender Together concluded that the number of people showing interest in becoming a holiday let owner was growing.
They learned that the biggest motivator was potential profits, with most hoping to take advantage of the staycation boom to boost their income. This is becoming an increasingly popular investment strategy with Buy to let property in the UK, especially since the rise of Airbnb investment properties.
Verdant Leisure’s study also revealed that over one in five planned a minibreak this year, with this type of holiday more suited to staycations as there’s less travel time involved, meaning the holidayer can make the most of their three-night stay.
Short-Letting in Liverpool
Liverpool is regularly named one of the best city breaks in the UK, so the demand for short-lets is rising. The city – hailed for its cultural hotspots and nightlife – is known as an excellent destination for weekend visits.
Liverpool’s popularity as a travel destination looks set only to increase as the city is undergoing significant changes, adding to its appeal.
In particular, regeneration areas like the Knowledge Quarter and the various waterfront developments are becoming attractive areas to stay. The Baltic Triangle has become one of Liverpool’s regeneration success stories, and it was even crowned the coolest neighbourhood in the world right now by TimeOut.
Properties for sale in the Liverpool City Centre are experiencing high demand from investors intending to carry out a short-letting business.
For these reasons, the short-letting sector in Liverpool looks set to go from strength to strength as landlords take advantage of the continued staycation boom.
Further Reading: To find out more about some of the buy-to-let hotspots in the Liverpool region, take a look at our investment property Birkenhead guide or our investment property Bootle guide.
Continue to Fuel Short-Term Rental Boom
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