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Investors should expect rapid growth in holiday lets, say experts

Industry experts say there will be no slow-down in the rapid growth of the holiday lets sector.

Travel restrictions during the pandemic led to a boom in staycations and soaring prices for UK holidays this year, but leading brokers who specialise in the holiday let market still see plenty of scope for continued growth.

Andrew Soye says: “The holiday let market is still tiny compared to the buy-to-let market which is estimated to be around 2-3 million properties. No one knows exactly how many furnished holiday lets there are – maybe you could guess at 2-300,000 – so it is still very much a growth market.

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“The market was growing at about 15% per annum long before Covid which is when private equity spotted the trend. That led to a number of acquisitions and rolling up little cottage companies into bigger companies, but there is still plenty of room for people who want to have just one or two properties.”

But Soye does predict that holiday let owners and investors might be wise to prepare for a readjustment in rental prices which he thinks will crash back down to their pre-Covid levels.

“When people can holiday abroad freely again there will still be plenty of demand for staycations,” he adds. “But I think prices will return to normal levels and that’s a good thing – over-pricing is not good. People have been paying £5,000 for a week’s holiday and they realise that it’s not worth it.”

Joe Stallard agrees, but also detects an important shift in the market which means investors are looking at a wider selection of areas rather than just the traditional honeypots.

“We have been exceptionally busy but there are still many opportunities for people looking to start a holiday let business,” he comments. “But what I would say is that the areas of inquiry have broadened.

“People are looking for new holiday let locations and want to explore new places. I went to Whitstable and Canterbury, for example, rather than heading to the Lake District or Devon and Cornwall – a lot of people are trying out new locations.”

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Stallard says people are realising there are other fantastic parts of the country – different landscapes, countryside and towns to explore, with Yorkshire, Norfolk and Scotland particularly popular.

“I don’t think we will snap back into old habits next year when travel restrictions are eased because while we may enjoy a holiday abroad there will still be plenty of interest in exploring this country, rather than having two or three holidays abroad. The pandemic opened people’s eyes to holidays in the UK,” he states.

The optimistic assessment of brokers is endorsed by David Robinson. Robinson explains: “We believe staycations will remain a key part of peoples holiday plans and perhaps the longer-term picture will be a sort of hybrid situation, similar to the approach many employers are adopting with home verses office working.”

“Overseas travel will inevitably return, but consumers also now have a fresh perspective on UK breaks, and all the benefits they bring. And this can only remain good news for the holiday lets market.”

By Deborah Lewis

Source: Property Investor Today

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New tax system for Airbnbs and holiday lets being finalised by government

The government says it’s finalising plans for a new tax regime to apply to additional homes, and in particular those used for holiday and short lets.

There has been widespread criticism of some holiday home owners who have registered their additional properties as businesses, thus making them entitled to rate relief for small businesses.

Lord Greenhalgh, speaking at a House of Lords debate on second homes, has said: “The government have confirmed that we will legislate to require that holiday rentals meet an actual letting threshold before being assessed for business rates. This will ensure that only genuine holiday businesses can access the rate relief for small businesses. We will set out further details shortly in the government’s consultation response.”

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Later in the debate he said: “I point out that 96 per cent of second homes pay council tax in full, even though they may use local services only on an occasional basis. We believe that, in the sharing economy, where people run businesses and meet the threshold, it is reasonable for them not to pay council tax and to be subject to the business rates regime. No local authority has lost out, because they are covered by various grants in the business rates retention scheme.”

Various Labour peers spoke of what they claimed to be the need for tougher restrictions on second homes in general, and the tax that applied to them.

Lord Kennedy of Southwark, for example, said: “Holiday lets, as we know, can be much more lucrative than tenancies, with landlords frequently able to bring in the income they would get over the course of a whole year from tenants in just the summer months. Small business rate relief also means that they can pay very little tax. Should the Government not do more in this area, perhaps with a larger levy, to encourage landlords to rent to tenants instead?”

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And Lord Campbell-Savours, another Labour peer, contributed: “The proliferation of holiday lets in lakeland towns such as Ambleside, Windermere and Keswick is decimating the residential market for locals, particularly the young. The switch from council tax to a reduced business rate system will only aggravate the problem by further incentivising holiday letting. Is not the answer to this wider problem of drift to holiday letting to cap the number of holiday lets through the use of a combination of licensing and planning rules?”

Lord Greenhalgh told the House that HM Treasury was working the Valuation Office Agency to finalise the details of how and when the new tax regime would be implemented.

By Graham Norwood

Source: Letting Agent Today

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Staycation boom’s got Cornwall’s tourism sector hoping for the best

Devon and Cornwall have been undeniably popular destinations for ‘staycationers’ across the UK this year and last.

After more than a year of lockdowns, it was no surprise to see the tourism industry inundated with more citygoers seeking a seaside retreat than perhaps ever before.

During the busiest times of 2021, namely Bank Holiday weekends and the summer holidays, travel operators were warning of booking surges as reservations were up 136 per cent on like periods in previous years.

When the government’s roadmap out of lockdown was first revealed in February, The Rest Easy Group, which includes Snaptrip, Big Cottages and Dog Friendly Cottages, says demand on its sites grew “within minutes”.

Given the complexities of travelling overseas people could not wait to get their hands on a post-lockdown staycation – in whatever capacity was available to them.

In Cornwall that meant some were unable to secure reservations for places they had visited years on end thanks to inflated prices, elevated demand and simply not enough accommodation to go around. In Devon, there were talks of people triple booking holidays through fear that one would be cancelled.

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The region was packed to the rafters.

Lucy and Dale Jinks run Truabode, a private self-catering holiday let business on the north coast. The couple said they have been blown away with how successful their venture has been since embarking on it only a year before the pandemic struck.

While many businesses were terrified of the repercussions of Covid, as the owners of two self-contained holiday homes in Cornwall, they couldn’t have been in a better position as demand for self-catering holidays soared as we came out of each lockdown.

Speaking of the sheer desire for holidays this business year, Lucy said: “We’ve never struggled to get bookings”

“This year we just got booked up so quickly for summer, it was crazy. As soon as Boris said hospitality was reopening, it was just booked, and quite far in advance as well.”

She said the first cottage they purchased, known as The Little Cottage, remains fully booked until November of this year, with not a single night free this summer.

The third and newest property they manage sold clean out within seven days of first appearing online in July – they didn’t need to market it.

Andrew Nicholson and wife Teresa run Penvith Barns, a bed and breakfast and holiday complex near Looe.

He explained that lockdowns and forced closures left a big hole to fill for many in the sector, but that it was worth the challenge and improvements undergone in those times have set them up for future seasons.

“We had been forcibly closed for a while and we tried to make the most of those opportunities to expand the business and so we have built yurts and we hunkered down and really started thinking about the future.”

But that’s not to say that domestic holiday popularity will continue into the next business year. Malcolm Bell, Visit Cornwall’s chief executive says it’s the “two-billion pound question”.

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“I’m certainly not worrying about next year but the figures normally for Cornwall are that something like 40-45 per cent of visitors every year are people that have come the previous year,” he explained. “So very loyal visitors.”

“Then 40-45 per cent are people who come normally every two to five years, and then you get 10-15 per cent who are new, first time visitors.”

Right now the tourism board is waiting on results from its annual visitor survey which gives an insight into people’s reactions from this year – but the concern is how many local visitors did actually return.

He fears that an increase in popularity could put Cornwall at risk of becoming a “cheaper” holiday destination in the eyes of visitors.

“My message to businesses is to hope for the best but plan for a more competitive world,” he explained. “There has been a lot of positivity from people this year about coming back and we can build on that, but don’t take it for granted.”

The staycation boom saw not only an uptake in people running holiday homes and Airbnbs, but the number of farms offering pop-up campsites also soared this year, boosted by a change to government planning policy and rising demand for staycations.

New regulations allow farmers in England to operate a campsite without planning permission up to 56 days – double the usual 28-day limit – until the end of 2021. It was a bold move to encourage domestic holidays.

But next year that will be a thing of the past, as could the visiting households who will have temporarily filled the foreign getaway void with a staycation closer to home.

In 2019, only half of Britons planned to spend their main summer holiday in the UK. In 2021, that proportion has risen to 62% per cent.

It’s thought that around 23 million people were expected to enjoy staycations throughout the summer in the UK, a £30 billion boom for the domestic holiday sector, according to Sykes Holiday Cottages’ 2021 Staycation Index.

This would mean Devon and Cornwall alone would have been in line for a £3 billion staycation bonanza, but time will tell if this pattern is set to continue.

“I’m reasonably optimistic but my two orange warning lights are the cost of living crisis, and on the back of that is people’s disposable income,” Mr Bell explained. “We really don’t know where consumer confidence will be.”

Overseas competition is another uncertainty. “Will overseas competition go vicious on price,” he said. “There will be a big desire to go abroad but it’s on the issue of affordability”.

“This year there was an inertia around businesses that had a long waiting list of people who wanted to stay here,” he said, explaining that accommodation providers could get too comfortable when there is every chance this theme might not be mirrored for next year.

By Lisa Letcher

Source: Cornwall Live

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Are UK short-term lets and holiday rentals still a good investment?

Some buy-to-let landlords focused their energies on short-term lets in response to the pandemic, as staycations became the only holiday option for Brits. How is the sector performing now?

Holiday rentals and short-term lets became a more mainstream option for property investors after the pandemic hit early last year. A small number of landlords were left short due to the eviction ban imposed by the government for several months, and the short-term rental industry became a lucrative option to make up the shortfall.

House prices have remained buoyant throughout the pandemic, despite some predictions of a crash. A major contributing factor was the stamp duty holiday, which many investors and landlords also benefited from. For some, where prices are high and yields less so – particularly in London and the south-east – short-term lets have been offering higher returns.

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One study earlier this year showed that London short-term rentals had 62.7% occupancy in June, which was considerably higher than other accommodation types. Revenue per room was also impressive, according to the report by UK STAA and STR, averaging £72.90, which is a 59.5% annual increase.

Influx of local visitors buoying short-term lets

As well as the rise of the “staycation“, which has actually been a growing trend since before the pandemic, people are more inclined than ever to want to rent an entire property rather than stay in a hotel. For example, the same study noted occupancy rates in London hotels during the same period were just 40.6%, with serviced apartments at 39.7%.

While a self-contained holiday home normally offers more space and living amenities than a hotel, since the pandemic it may also appeal more to people who want to avoid sharing facilities with others.

International travel has also increased since restrictions have eased, bringing more visitors to the UK looking for accommodation. According to an interview with Advantage Investment, areas such as Cornwall and the Lake District in particular have seen a massive uplift in bookings and searches this year. Some holiday letting firms have seen more than a 40% rise in summer 2021 bookings, it says.

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Will they remain an attractive investment?

“Domestic holiday experts are predicting that this demand for UK staycations is here to stay, at least for the next 4-5 years, which opens up lucrative investment opportunities in holiday property rentals,” says Advantage Investments.

While many investors and landlords might prefer to stick to the tried-and-tested traditional buy-to-let, it seems they would be wise not to overlook the opportunities available in short-term lets.

Particularly as people become more environmentally aware, even as the aftershock from the pandemic subsides and opens up international travel, growing numbers of people will still opt to stay local. Another important avenue to consider is short-term lets for business use, away from typical holiday destinations. With more people than ever working from home, and opting to move further from their office, there is likely to be an increase in people travelling to a workplace for a few days and seeking short-term accommodation nearby.

How to invest

“For people who are interested in cashing in on the UK staycation trend, there are plenty of lucrative opportunities,” says Advantage Investment. “Which one is best for you will depend on a number of factors including how much capital you have, how soon you want to see the returns and how long you want to be tied to the investment.

“Another important consideration is how much effort there will be on your part, as some investments allow you to invest and take a back seat, while others will require a great amount of time and input.”

By Eleanor Harvey

Source: Buy Association

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The hottest property investment strategy for 2022

From a commercial perspective, Covid-19 has had devastating effects for many industries in the UK, such as hospitality and travel, which have been severely impacted by lockdown and travel restrictions. However, there have also been some industries that have massively profited from the pandemic.

Aside from the obvious uplift in PPE and pharmaceutical company revenues, tech companies offering remote working software such as Zoom and online shopping companies such as Amazon have enjoyed big profits.

Meanwhile, the property industry has been on a strange journey that not even the top experts could have predicted. The initial anticipation for a house price crash never materialised, with the introduction of stamp duty holidays contributing to an 8% year-on-year house price increase. Some buyers were able to save up to £15,000 in stamp duty, ensuring that the property market has stayed strong throughout the pandemic.

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How property investment has been affected by COVID-19

The pandemic has resulted in a variety of outcomes for different types of property investors. The tenant eviction ban resulted in many buy-to-let landlords losing rental income. The growing house prices have also made it more difficult to make profits from buying property to let it out, but the stamp duty holiday gave buyers a big window of opportunity to add new properties to their portfolio while avoiding paying the usual tax.

Holiday lets have become very lucrative investments

With foreign travel restrictions and health concerns over going abroad, the majority of British holidaymakers have been taking breaks in the UK, rather than missing out on their holidays. Areas such as the Lake District and Cornwall have seen a huge uplift in bookings and searches for accommodation throughout 2021, with some holiday rental companies experiencing more than a 40% increase in summer 2021 bookings.

Domestic holiday experts are predicting that this demand for UK staycations is here to stay, at least for the next 4-5 years, which opens up lucrative investment opportunities in holiday property rentals. As well as taking more bookings, many holiday accommodation owners and companies have increased their prices to maximise the opportunity they now have on their hands.

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Choosing the best holiday accommodation for letting

For people who are interested in cashing in on the UK staycation trend, there are plenty of lucrative opportunities. Which one is best for you will depend on a number of factors including how much capital you have, how soon you want to see the returns and how long you want to be tied to the investment. Another important consideration is how much effort there will be on your part, as some investments allow you to invest and take a back seat, while others will require a great amount of time and input.

Source: Property Investor Today

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The Staycation boom is continuing into autumn half term

Summer may be over but the demand for a Staycation remains strong, with 47%of British families taking a short break this October half term, as revealed in the autumn segment of the 2021 Travelodge Holiday Index.

A survey of 2,000 British families to discover their October school holiday travel plans was conducted by OnePoll on behalf of the UK’s leading budget hotel group, which operates over 578 hotels across the UK.

With the average household spending around £495.51 on their half term break, the survey found that families are collectively set to boost the UK economy by £4.5 billion when holidaying at home.

With Halloween falling on a weekend and during the school holidays this year, 40% of families say they have been inspired to take a Spooky Staycation and discover some of Britain’s most haunted cities or family-friendly tourist attractions. London, Edinburgh and York are among British family’s top places to visit this Halloween.

The research found that the average autumn family Staycation is going to be for four days and cost on average £363.83 for the trip, with parents set to spend a further £131.68 on entertaining their children during their trip. This is a collective spend of £495.51.

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In 2020, 35% of British families took a short break during the October half term break and spent £341.80.

Key research findings from the Travelodge study also revealed that despite lockdown restrictions being lifted a third (33%) of families still feel safer holidaying at home than going abroad this year. A quarter of families reported that they have opted to take a UK short break during the school holidays so that they can support UK hospitality. 56% of adults reported that it has been a stressful year and they desperately need a treat and spending quality time as a family this October half term is essential for their wellbeing.

Interestingly, a fifth (20%) of parents reported that it is cheaper to take a UK short break than finding interesting things to do at home to keep the children entertained during the school holidays.

Flocking to the coast and taking a city culture vulture trip are the two joint most popular types of holiday British families are opting for this October half term.

Top coastal locations include Blackpool, Bournemouth, Whitby, Brighton and Torquay. Top city break locations include London, Edinburgh and Liverpool.

In second place, it is a rural break and top locations include the Lake District, Devon and Cornwall.

In third position is taking a Halloween-themed staycation to UK cities renowned for their ghost tours and scary attractions such as London, Edinburgh and York.

The study also revealed that the trend for a multi-location Staycation is growing with over half (51%) of families planning a multi-location trip this October half term break. Families will either combine a coastal break with a city or rural break. Over a third of parents (36%) reported that holidaying at home makes it easier to take a multi-location holiday as there is a city, countryside or a rural holiday hotspot close by to their main holiday location. Also it makes the children think they have had two adventures instead of one.

Shakila Ahmed, Travelodge spokeswoman said: “Our autumn Holiday Index report shows that Britons are still determined to make up for lost travel time due to the pandemic by packing in as many trips as they can. This is great news for the UK hospitality sector that the Staycation boom is continuing into autumn. It is also a treat that Halloween falls on a weekend and during the holidays this year as Britons have been inspired to take a Spooky Staycation too. Our 578 hotels across the length and breadth of the UK are all getting geared up for a busy October half term break as Britons discover Britain in its finest autumn glory and enjoy Halloween.”

Other key findings revealed that a fifth (20%) of parents reported that taking an October half term break is the first holiday that they have taken this year.

Source: Hospitality Net

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Rare opportunity to buy four beautiful holiday cottages in the Cotswolds

A rare opportunity to purchase four beautiful holiday cottages in the sought-after Cotswold village of Oddington has just arisen.

The quartet of cottages – known as Rose Walk Cottages — are perfectly located in the heart of the quaint village. Currently run as a successful holiday letting business, estate agents predict new owners could generate a combined gross rental income of approximately £100,000 per annum if they continue to rent them out.

Idyllic and fairy tale-like, cottages one, three and four each provide an open-plan living space on the ground floor with fitted shaker-style kitchens (we love the AGA here), a dining space, and a cosy seating area which has its own wood-burning stove. With one double bedroom and an en-suite bathroom, they provide the perfect place for a digital-free staycation.

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Cottage two is the biggest of the four, providing a generous kitchen/breakfast room on the ground floor, a family bathroom, and two well-sized bedrooms. Steeped in character and charm, you’ll also find exposed brickwork, wooden beams, original stonework, and cosy-chic interiors. While previous owners have given the interiors a tasteful update, the quirk and soul of each cottage remains artfully intact.

The outside space is quite lovely, with each cottage having its very own private terrace for alfresco dining. Parking is on hand to provide space for cars, while the larger lawn area beyond offers holidaymakers a spot to relax in the sunshine.

‘With its proximity to Stow on the Wold, Daylesford, The Wild Rabbit and The Fox Inn, Oddington is a fantastic village in which to invest in a holiday cottage,’ says Tom Burdett, Director of StayCotswold. ‘If these properties were made available to holiday let year-round, with no restrictions, then I would expect them to generate a combined gross rental income of approximately £100,000 per annum.’

The row of cottages are for sale for £1,500,000 with Knight Frank.

BY LISA JOYNER

Source: House Beautiful

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Holiday parks in Cornwall win Hoseasons regional tourism awards

Several Cornwall holidays parks have been presented with top regional tourism awards by UK holiday giant Hoseasons.

Sea Acres near Kennack on the Lizarad Peninsula, owned by Parkdean Resorts, took home Best Family Fun destination, while Mullion Cove Coastal Retreat, owned by Darwin Escapes, won Best Large Lodge Escape.

Ivyleaf Combe Cottages in Bude picked up Best Small Lodge Escape. Praa Sands Holiday Park’s Boathouse Bar & Restaurant was crowned Best Relax & Explore Park for its food and drink offering.

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The awards were received at Hoseasons’ 15th annual awards ceremony – a celebration of the lodge resorts, holiday parks and boating locations in the company’s UK portfolio that have achieved the highest scores in independent customer satisfaction surveys throughout the 2021 season.

Simon Altham, Group Chief Commercial Officer at Awaze – the parent company of Hoseasons – said: “We all understand the importance customer reviews play in influencing holiday choices and it’s clear from the amazing scores Piran Meadows Resort have been receiving, that the team are doing a fantastic job of delighting guests and exceeding expectations.

“The future looks brighter than ever for UK holidays and we are sure this award will help further boost bookings for 2022 and beyond.”

By Tom Harris

Source: The Packet

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Half of adults losing out on tax breaks from holiday lets

An estimated 52% of adults said they were not willing to invest in a holiday let property due to the perceived ‘hassle’ of taking one on, according to research from Hodge.

Only a third of those questioned by Hodge said they would consider investing in a holiday let property, with the vast majority admitting to not even knowing there were tax breaks involved.

Eight out of 10 people (84%) said they were not aware of the financial benefits, and a further 8% said they were not sure.

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The top five reasons listed by those not willing to consider a holiday let, apart from the hassle, were that they did not think their finances would allow it (48%), they did not want to go to the same place every time (41%), they felt too old to do it (35%), they would worry about visitors breaking things (24%), and they would worry about their finances if empty for too long (21.53%).

Emma Graham, business development director of Hodge, said: “These figures are quite concerning in many ways, at a time when people are seeking alternative ways to make the most of any capital they have.

“To think so many people in the UK are missing out on tax breaks because they don’t know about them means thousands could be missing out on financial gains at a time when many have arguably never needed them more.

“This just shows the benefits of people using expert mortgage brokers or financial advisers, as they will be able to explain the tax benefits of owning a holiday let, as well as helping customers navigate the different products on the market.”

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“Most people might also be surprised to find that a lot of Holiday Let and 50+ mortgage products are available to them well into later life.

“And what’s really frustrating about these findings is that such an overwhelming majority of those we asked weren’t even aware that there are tax breaks involved which could, in effect, create gains difficult to achieve elsewhere in the market.

“If they look at the kind of mortgage products which are actually on offer, I think most people would be interested to find many of the perceived fears they have in owning a holiday let are often capable of being met before the property search even begins.

“It’s hard to think thousands could be missing out on making the most of their dream holiday home simply because they think they’re not eligible for, or aware of, the many rewards involved.”

By Jake Carter

Source: Mortgage Introducer

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Travel Chapter plans London float amid UK staycation boom

A UK holiday homes lettings business has unveiled plans to float on London’s AIM market, in a move that could value it at around £350 million as investors tap into the staycation boom.

Travel Chapter, which manages over 8000 properties on behalf of landlords and is behind the holidaycottages.co.uk brand, said the self-catering market has recorded long term growth. It expects further consumer demand ahead.

It pointed to its customer database surging to 1.1 million people in August, from 735,000 in May 2019. International travel restrictions during the Covid-19 crisis have prompted thousands of people to enjoy seaside and countryside breaks in the UK instead.

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Travel Chapter said management attribute some of its database strength to “a new demographic of customer that has entered the UK holiday rental market for the first-time during the pandemic, in particular younger and more affluent customers”.

The company, which is headquartered in Devon and employs 400 people, is working with GCA Altium and Numis on the IPO. It intends to start trading on London’s junior market in November.

Travel Chapter was founded in 1989 and is now owned by private equity group ECI Partners and management.

The firm thinks there is more scope for growth, as well as looking at other stays that could complement the main business, such as camping and glamping.

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Chief executive Jayne McClure said: “We have witnessed long term and robust structural tailwinds in domestic tourism in the UK and believe that these are set to continue.”

Budget hotels group Travelodge said it estimates collectively families are set to boost the UK economy by £4.5 billion holidaying on British shores during the next two weeks.

That period covers Halloween and half term for many schools.

Travelodge said the average autumn family staycation is going to be for around four days and cost on average £363.83 for the trip and parents are set to spend a further £131.68 on entertaining their children during their holiday.

By Joanna Bourke

Source: Evening Standard