We all know that summer 2021 was the season of the UK staycation, when Brits holidayed at home while foreign travel was curtailed by Covid. If you tried to book any sort of accommodation anywhere in the UK last year, you’ll remember how hard it was! It will therefore come as no surprise that there has been a huge boom in property investment for B&Bs, guest houses and holiday homes – as well as a surge of interest in the mortgages required for this niche market.
As property investors continue to look to capitalise on the increase of UK-based holidays, will that trend continue? Does that make holiday lets a worthwhile investment for the future?
The pandemic meant that not only did so many of us enjoy visiting a UK destination for our holidays, whether for the first time or returning after many years, but we also explored new ways of travel. From the beaches of Cornwall, via the New Forest, the Moors and Dales to the peaks of Wales and Scotland, we got a taste of what Britain has to offer the adventurous and inquisitive traveller – horse riding, zip-lining, kayaking, or more casual pastimes such as exploring sumptuous country houses, castles and spectacular gardens. Savvy business people can see this ongoing opportunity and are looking to make the most of this ready market of tourists wanting to continue to explore the UK. Many existing accommodation providers are adding value by working with local businesses such as attractions and activity providers, engaging with specialist tour operators, or providing enhanced services for families, cyclists or dog owners – and so much more.
In addition, at ASC, we have seen strong and steady growth in those looking for finance for holiday lets and B&Bs. For example, one ASC client we recently secured finance for in Wales purchased a buy-to-let property which has been renovated to a very high standard and is now ready to welcome guests. We also helped another client with finance for a collection of luxury cottages in Hampshire to host up to 22 guests.
According to eviivo, a leading hospitality software company that provides a hassle-free booking and property management platform for independent accommodation providers, the outlook remains positive. Ian Hardwick, Business Development Director at eviivo, says: “While travel restrictions meant that many people couldn’t make their usual trips abroad last year, they did provide the opportunity for people to discover or get reacquainted with the treasures to be found here in the UK. That has generated strong demand for tourist accommodation, and we’ve seen a great many businesses either entering the market for the first time or expanding a vacation rental portfolio. We want to equip these businesses with the best tools to manage their rates, availability, bookings and payments, so that they can give their guests the highest levels of service and an experience that will see them returning again and again.”
By working with eviivo, ASC are making the entire process of finding, financing and filling your new B&B, guest house or holiday let just a little bit easier.
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.
If you own or are considering purchasing a holiday let, B&B or other accommodation, visit eviivo.com to see how eviivo can help you run your business efficiently and effectively.