Yet another dismal summer in the United Kingdom (UK) has not stopped locals and foreigners from taking advantage of all the country has to offer during the vacation season. The Queen’s Jubilee proved very popular this year and the impending Olympic Games in London promise to bring much-needed cash to the UK economy. Some experts are predicting the country may see as much as £1.5 billion in tourism money this year, some of which will flood into the purchase and financing of holiday homes and higher occupancy levels for vacation rentals. For more on this continue reading the following article from Property Wire.
The UK tourism industry is tipped to receive a staggering £1.5 billion boost this year as more people than ever decide not to travel abroad for their summer holiday, spelling good news not only for a recession hit economy but also seaside property markets, it is claimed.
The number of people planning a staycation, that is holidaying in your home country, has risen by 6% from last year to 41%, according to a recent Travelodge survey of 5,000 British adults with Cornwall and neighbouring Devon the most popular destinations.
Despite the glorious English summer failing to make an appearance yet again this year, British holidaymakers haven’t been put off. Patriotic to their roots, millions showed the love of their land during the Queen’s Jubilee weekend earlier this month and there is no doubt that the impending Olympic Games in London are causing many to stay on home soil, keen to not miss a minute of the excitement.
And so with nearly half of Britons due to take their holidays in the UK this summer, property experts are predicting a bumper season for vacation home rentals.
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‘There has always been great demand for holiday homes in the South West but this year, due to the staycation phenomenon, we are expecting even higher occupancy levels,’ said Nick Spence, director of holiday home company, Green Parks Holidays Ltd which operates the West Beach Resort in North Devon.
‘As a new resort, we had forecast 65% occupancy for West Beach Resort, just 50 meters from Westward Ho beach in 2012 but after being fully booked for the Jubilee weekend and reservations coming in thick and fast for the summer holidays, I expect our average occupancy levels to reach 85% or more this year,’ he explained.
‘Our luxury two bedroom apartments with direct sea views rent for up to £1,100 per week in high season with tenants typically being couples, families with young children, golfers looking to test their handicaps on the oldest links course in the country, Royal North Devon golf course or surfers keen to access to the world class surf and North Devon Surf Club just minutes away in Westward Ho,’ he added.
In addition to a thriving rental market, purchasing a seaside property such as an apartment at West Beach Devon offers strong capital gains potential, he pointed out.
According to data from the Halifax, seaside towns in England and Wales have seen property prices double since 2002 with Devon ranked one of the top 10 richest counties in the UK with a net property worth of £121.3 billion, according to data from PrimeLocation.com.
‘With better weather, some of the most beautiful countryside in the UK, Blue Flag award winning beaches and a whole host of activities for all the family, it is no wonder than demand remains high for second homes in Devon,’ explained Spence.
‘For many investors a turn key property such as West Beach Devon presents the ideal opportunity to own a luxury apartment in a prime location which is ready to rent out to a proven and established market. Plus where else can you own a home with a direct sea view for under £200,000,’ he added.
This article was republished with permission from Property Wire.