We all know it’s been the summer of the UK staycation and if you tried to book any sort of accommodation in the UK over the summer you will know how hard it was. It can come as no surprise that there has been a huge boom in property investment for holiday homes and guest houses with mortgages needed for this niche market.
Property investors are looking to capitalise on the increase of UK-based holidays, but is a holiday let a good investment?
Those who have saved additional disposable income during lockdowns might have an opportunity and may then be keen to get involved. There is lots of research to do into popular locations, possible tax changes and utility bills for the interested.
If you are thinking of securing finance for a property and convert it into a B&B, some towns in the UK’s top seaside property hotspots in the south of England include Broadstairs, Sidmouth, Penzance and Margate. Other towns in the opposite end, which have seen prices fall, include Collieston, Cruden Bay, Whitby and North Berwick.
ASC Finance for Business has previously helped individuals and businesses to secure finance for holiday lets and B&Bs and continues to do so with the new emerging internal holiday seekers. An example would be a client we recently secured finance for in Wales for a Buy-to-Let property which has been purchased and renovated to a high standard with some minor alterations. We have also helped another client with finance for luxury cottages in Sway to host up to 22 guests on which we have done a full case study with all the detailed information about this commercial loan.
If you would like to find out more about financing for a staycation property, or any other type of finance, speak to your local ASC office today.