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Short-term lets and holiday homes surpass buy-to-let income

Short-term lets – and specifically furnished holiday lets – are now generating greater profits for owners than the traditional long-term buy-to-let model, but there are downsides.

In the aftermath of the pandemic, short-term lets surged in popularity, when staycations became the only way – or the preferred way – to take a holiday compared with overseas travel. Even after Covid restrictions were largely lifted, more people still opted to holiday in the UK than pre-pandemic.

But the property type had already been rising through the ranks as a property investment option for a number of reasons, including recent buy-to-let tax changes that meant some landlords paid lower levels of tax on holiday lets than buy-to-lets.

Some recent research conducted by Hamptons, using official data from HM Revenue and Customs, has revealed that in the 2020-21 tax year, income for short-term lets in the UK hit £15,600, while traditional buy-to-let income generated £13,400. This is the first time income has been higher for holiday lets.

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Long-term landlords moving to short-term lets?

However, while there have been many reports over the past three years indicating that some landlords have ditched the long-term for the short-term rental option, the data reveals that in fact only 1.5% of all landlords are holiday let owners.

Therefore, the vast majority of landlords still see the highest value from their long-term rentals, putting paid to rumours of large numbers of landlords ditching the traditional buy-to-let model.

When looking at how the furnished holiday let industry has grown over the years, the study showed that 63,000 people made an income from 65,000 lets in 2020/21, up from 46,000 individuals who owned 50,000 holiday lets in 2011/12.

The report notes that there are two main reasons that the short-term lets sector has grown so much, the first being that the majority of such properties are used for both personal and commercial purposes. The commercial side in particular has grown in recent years, adding to the figures.

The other reason, as touched upon earlier, is the ‘staycation boom’ that boosted demand in the sector to a significant level, leading to more landlords and homeowners taking the opportunity to let out suitable properties to fill the need.

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More income, same profit

Interestingly, while the report demonstrates the overall increase in income generated from short-term holiday lets, it also notes that due to rising running costs, owners of both property types end up with “a similar amount of cash in their pocket”.

According to Hamptons, running costs for a holiday let consume around 43% of the total income, while costs for a buy-to-let are around 31% of the total rental income, not taking financing costs into account. Furthermore, incomes are also currently forecast to fall back to pre-pandemic levels.

The maintenance costs that come with a furnished holiday let can include regular cleaning services, more frequent replacement of equipment and appliances due to the higher number of different guests, and more general wear and tear to carpets, fixtures and fittings.

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Often, landlords with holiday lets will employ an agency to deal with the general management of the property, including listings and comings and goings, which further adds to the costs of short-term lets.

On the plus side, aside from the higher income you could receive – particularly for a well-located, well-turned out property – you could also benefit from its use as a holiday home. The property must be furnished and available for at least 210 days per year to legally count as a holiday let, but the rest of the time you could you it yourself.

From a tax perspective, there can also be certain benefits to short-term lets, which you can read more about here. This article will also tell you more about the rules and regulations that apply to running a short-term let.

By Eleanor Harvey

Source: Buy Association

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Surge in holiday let deals as lenders return

Buy-to-let landlords will find holiday let deals have bounced back from a substantial drop towards the end of 2022, with fresh analysis by revealing that there are now more than 400 deals available to holiday let.

Mortgage options for borrowers looking at holiday lets have increased to 411 options, up from 173 seen in October 2022, thanks to the rise in lenders active in this area of the market.

Lenders have returned to the holiday let market, with 34 different brands now operating, eight more than in October 2022 – the majority of which are currently building societies.

Government rules to be introduced in 2023 impact the demand for holiday let properties, but the cost of living crisis may encourage demand for UK holidays over a trip abroad.

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Rachel Springall, finance expert at, commented: “The outlook for buy-to-let product choice in the holiday let market took a nosedive in the aftermath of the fiscal announcement, so it’s positive to see product availability bounce back. Lenders have returned to the market and average rates have come down since October 2022, but as seen in the wider buy-to-let market, it may take time for more improvements to surface. Building societies continue to dominate this space and overall, there are more than 400 deals to choose from, covering both fixed and variable rate options.

“Due to the pandemic, there was a huge demand for UK-based holidays, so buy-to-let investors could have seen the potential to dip into holiday lets. As the holiday aspirations of consumers change, demand for UK holidays could fall, but at the same time, the country is facing a cost of living crisis which may keep them interested in a more cost-effective UK break. However, rising interest rates may well dent the profit margins of investors during 2023 and, on top of this, the Government is due to make reforms which will impact holiday let investors. Holiday lets will need to be rented for a minimum of 70 days a year and available to be rented out for 140 days a year, and homeowners will need to show evidence of their lettings and meet certain criteria to qualify for business rates relief. These new rules are due to come into force this April and are designed to protect legitimate investors.

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“Landlords may be dipping into their savings due to the cost of living crisis, and the expense to redevelop a property to a high standard may be more now than in previous years. Mortgage interest rates have risen over the past year, so it is imperative prospective landlords seek advice to compare their options and consider a fixed rate deal for peace of mind. Investors picking a property with their head over the heart is extremely wise, and in-depth research must be done on locations and listing services to ease any concerns over letting exposure and seasonal dips.”

By Marc Da Silva

Source: Property Industry Eye

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Will cost of living crisis renew holiday let demand?

Landlords diversifying into holiday lets could see renewed demand, as the cost of living crisis limits some people’s ability to holiday abroad.

When mortgage interest tax relief began to be withdrawn back in April 2017, landlords wanting to make smart decisions to maintain profits started to look around for solutions. For some, investing in limited company buy to lets presented a more tax efficient solution.

Holiday lets too offer tax benefits, as they are automatically classified as a business. As such, this niche within the buy to let sector has seen significant growth. Not least as a result of soaring demand, when the Covid-19 pandemic fueled huge interest in holidaying at home.

Reports in the media since suggest that the demand for holidaying in the UK has not dwindled. Whilst UK weather is not what you would call reliable, there is great appeal in avoiding the slog of an aeroplane journey at either end of your getaway.

What’s more, holidays in the UK are very flexible, and so the cost can be more easily controlled. So for those wanting a holiday but are strapped for cash, there is no need to finance a full 7 or 14 days more typically associated with going abroad. Holiday lets in the UK can easily be booked for 5, 10 or however many days make it affordable.

Not only this, but with no need to fly, the travel time cuts into your holiday far less, meaning a holiday at home for the same number of days can feel longer to one abroad, as you don’t necessarily lose the best part of two days getting to and from your house.

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Holiday let mortgage availability
When the Liz Truss and Kwasi Kwarteng mini-Budget became public, holiday let lenders – amongst many others – retreated into their beach huts, taking many of their products with them.

However, the good news is that with the economy settling, holiday let lenders are back, back, back.

Latest data from financial data analysts Moneyfacts shows that there are 411 holiday let mortgage products available to landlords in the UK, across 34 different brands. This is an increase of 233 holiday let products since October 2022 and an additional 8 lenders coming into the marketplace to offer lending solutions.

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New legislation from April 2023
On 14th January 2022, Michael Gove announced new legislation that cracked down on second home owners purporting to be offering property as a holiday let, but actually leaving them vacant.

The new rules come in on 1st April this year, and require holiday let properties to have been rented out for 70 days of the year in order to qualify for business rates and to avoid paying council tax. Evidence will be required in the form of website or brochure information for the premises along with letting details and receipts.

Not only will holiday let property have to be physically rented out for 70 days, but it must also be available to rent for a minimum of 140 days to qualify for the tax reliefs this sector benefits from.

The greater impact of this new legislation will be on those people with second homes who were not actually renting out their property to holidaymakers.

For most landlords looking to diversify their portfolio, these new requirements should not have significant effect, as renting out your property for as long as possible is the business objective.

Source: Commercial Trust

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Return of the ‘holiday home mortgage’ as families favour British breaks over Europe

Mortgage lenders and property investors are backing a staycation boom this year as families favour UK holidays over expensive trips abroad.

The number of mortgages available for holiday let owners has more than doubled since October amid renewed confidence amongst banks and building societies.

Investors can now choose from 411 deals, up from 173 three months ago, according to analyst Moneyfacts, and the number of lenders in the sector has jumped from 26 to 34.

Increased competition has also driven down borrowing costs for investors – the average fixed interest rate on a holiday let mortgage has fallen from 7.47pc to 6.17pc in the same period. Although costs remain inflated in comparison to the beginning of last year, when the average fixed rate was 3.92pc.

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Joe Stallard of House and Holiday Home Mortgages, a broker, said the price war between lenders came as investors who would have traditionally chosen to purchase a buy-to-let property instead turned to the holiday let market.

Mr Stallard said: “We’re definitely seeing more serious investors right now. There is increased demand for city-based properties, such as in Cardiff, York and Liverpool, and clients are keen to invest in properties that can be let all year round.

“Interest in the traditional areas like Cornwall, Devon and the Lake District remains strong, but investors are looking for more opportunities nationwide.”

The number of available holiday lets in the UK jumped by 14pc year-on-year to almost 340,000 in December, up from just under 297,000 in the same month in 2021, according to analysis by data firm AirDNA.

A surge in demand for staycations during the pandemic inflated accommodation prices and nightly rates have continued to rise despite a resurgence in foreign travel. The average daily rate for a holiday let in the UK was £167 last year, almost a third higher than in 2019 and a 14pc rise since 2021, according to AirDNA.

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More British households are expected to holiday in the UK this year rather than pay for flights as the cost of living crisis shows no sign of abating. The share of households planning to take long-haul flights has dropped from almost a fifth last year to 14pc in 2023, according to a survey of 2,000 people by lender Paragon Bank.

Meanwhile, the proportion of people intending to holiday in the UK has jumped from almost a quarter in 2022 to 28pc in 2023.

But holiday let investors will need to contend with stricter rules around tax and occupation this year.

Property owners in England who make their rentals available as short-term lets for 140 days a year can currently claim they are a small business, and therefore pay preferential business rates instead of council tax.

But the loophole will be tightened in April, when a property will only qualify for business rates if available for 140 days a year, and was actually let out for short periods totalling at least 70 days in the previous 12 months. New holiday lets will be liable for council tax until the property meets the new eligibility rules.

By Rachel Mortimer

Source: Telegraph

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Is Investing in a Holiday Home Worth It?

The idea of owning a property used as a place to escape to is certainly a luxurious one. Not everyone is lucky enough to be in a position to afford one property, let alone two! However, if you are fortunate enough to find yourself in this position, you might have already considered buying a second house or property to increase your assets. Property ownership can be costly, though, as well as a big responsibility to keep the place in good condition. This is why it is important to carefully consider whether purchasing a second house for a holiday home is worthwhile. Below are some of the key things you need to think about.

It Can be a Source of Income

As mentioned above, purchasing a second home and keeping up with the general expenses of looking after a house can put pressure on you financially. Even if you are doing well with money at this time in your life, that doesn’t guarantee that you will always be in this position. However, owning a second property can also be a great source of income if you are willing to lease this space to other holiday goers when you’re not using it. Many people choose to let their homes on sites like Airbnb or other letting agencies as this can help them pay off mortgages attached to that property and the maintenance costs. Leasing your home in this way will require some management to keep your guests happy and coming back, but if you are happy to do this, it could be a great way to make some money.

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A Variety of Options

It’s also important to remember that there are a variety of options available when it comes to choosing holiday accommodation to purchase. A lot of people might choose a pretty cottage in the countryside or a stunning beach house. Others might prefer a chic apartment in a vibrant city somewhere or a chalet in a ski resort. Of course, these are all excellent choices, but if you are looking for something a little more affordable but still comfortable, you can consider static caravans. There are many parks, like this one for caravan ownership in the Lake District, that can offer beautiful options for a holiday escape, and they won’t cost you as much as a property would.

Useful in Emergencies

Another good reason to invest in a holiday home is that it can be useful in emergencies. If your main home becomes compromised for some reason, you will always have somewhere else you can stay. It might not be in the ideal location, but for those who can work remotely or need somewhere suitable for their family to stay, this can be beneficial. Even if you choose to renovate your main house to create a better living environment, your holiday home could be used temporarily until this project is completed. You might also be able to help friends or other relatives who are in a difficult situation and need somewhere to stay.

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You Could Make a Profit

Leasing your holiday home will be a great way to pay off the mortgage and boost your income, but you might also be able to make a profit if you did choose to sell this property later on. Property prices have risen in recent years, and although this market can fluctuate, if you do sell at the right time, you might be surprised at just how much of a profit you could make. This is even better if you have been using rent to pay off the mortgage and might be left richer than before.

A Place to Make Wonderful Memories

Finally, owning a holiday home can be a benefit as it provides a special place for you and your loved ones to make cherished memories together. Many people look back on a place they visited for holidays in their youth with fondness, and your family could have this opportunity with your home. If the property doesn’t get sold during your lifetime, it could also be passed down through generations for them to enjoy. Whether you choose to spend your summers in this house or get the family gathered there for special occasions throughout the year, it will certainly become a happy place for you and your loved ones.

If you are thinking about purchasing a holiday home but are unsure if this is the right move, it’s smart to take some time to consider this carefully. These are all great reasons to move ahead with your plans, but you need to be sure that you are in the right financial position to make this investment.

By Max Livesley

Source: Silver Surfer Today

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The weak pound is set to drive demand for UK staycations

As the cost-of-living crisis continues apace, and the value of pound remains low, affordable staycations are back on the agenda with people choosing to holiday near UK tourist hotspots, instead of taking trips abroad. With this in mind, AGO Hotels is looking at what this means for its own business and the wider UK hospitality market.

The latest increase in interest rates is the highest single jump in 33 years. With this at the forefront of minds for the majority of the UK population, affordability has become the focus. Travel, much like most other commodities has substantially risen in price. As a result of the cost-of-living crisis, which is severely impacting household budgets, it is very likely the UK economy / budget hotel sector will see an upsurge in staycation demand. For those opting for a staycation they will be looking for value, balanced with quality and location. Location plays an integral part of the decision-making process and knowing there will be suitable activities and attractions available so the guests can make the most of their holiday.

Hoteliers must now more than ever try to capitalise on any and every opportunity, endeavouring to demonstrate the benefits of their location from the very first time the guest views the hotel online to when they work through the door. This could, arguably should include offers and packages for guests at the local attractions, “stay in our hotel and receive a discount or complimentary entry to local attractions”. Pre-arrival communication with the guests, and again on arrival, if it is relevant, provide guests with information on how they can make the most of their stay. As far as is relevant to the style of hotel, guests will expect the very best stay and in times of economic uncertainty, hoteliers must not lose track of how important a straightforward, positive experience is for guests, achieved through ease of booking, seamless check-in and a top sleep experience.

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As well as the weak pound having an impact on the movements of UK residents, we are seeing how it is driving change from overseas. There has been a recent increase in tourism as overseas opportunistic travellers are looking to capitalise and take full advantage of the weak pound, which is providing a welcome boost for many hoteliers. Some hotels in key locations are reporting significant increases to their occupancy level and tour operators have been calling Quarter 3 2022, their best trading period for bookings since October 2019. This is particularly true in the case of tourism from the US. The US has always been one of the strongest feeder markets of tourism into the UK and there is every sign this will continue if the costs of flights remain manageable and there is no further disruption at airports as we saw in the early part of summer.

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At AGO, we expect to see the benefits of staycations across our entire portfolio. Those hotels closer to attractions and visitor experiences, and in more leisure destinations will clearly have a greater demand, though with the weak pound attracting the foreign guests there will likely be demand from a broader pool of guests. With very competitive room rates we remain committed to providing those wanting a trip away this winter, a cost-effective comfortable option.

While we do try to create growth in occupancy, we must not lose sight of the significant impact caused through the economic crisis the UK is experiencing. This is impacting room rates, and with ever increasing inflation, costs of running the business are higher than ever. The impact of paying higher wages, higher supplier costs and a raft of other increases in costs means the conversion to the bottom line is under significant stress. Remaining profitable and staying open to welcome guests is ever more uncertain. As we move into winter, and the quieter season for the UK hotel market, the coming months will be very telling.

By Lionel Benjamin

Source: Hospitality Net

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Let’s hope holiday lets rules don’t go wrong

The short-term lettings market in Scotland is about to undergo a major change in the way it is regulated and operated. New rules, which take effect from this month for new properties entering the market and from April 2023 for existing lets, require landlords to apply for planning permission to operate a holiday let. This permission must be applied for regardless of there being any guarantee of acceptance, which means that substantial fees and legal costs could be incurred without any certainty that the planning application will be accepted.

While many understand that the short-term lettings market has been allowed too much leeway in the way it operates in terms of appropriate safety regulations and the numbers of properties operating in certain areas these changes have the potential to bring the market to a sudden, grinding halt.

In places like Edinburgh and the Highlands, which have the greatest number of holiday lettings in Scotland, the impact will be considerable, this policy could pose substantial problems for local communities.

The risk is that, while reducing the number of holiday lets may produce more long-term residential lettings properties for the community, it will have an impact on the tourism sector which provides local jobs. Reducing the number of available holiday lets also has the potential to reduce the attractiveness of the capital and the Highlands as destinations thereby potentially reducing the number of people employed in the tourism and hospitality sectors. There may be more homes available to rent but there may be fewer jobs for people to do so regulatory changes such as this need to be approached with caution. Every action has a counter action, and the general rule of unforeseen circumstances dictates that you make major changes at your peril.

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There are already signs that holiday letting landlords are selling up or shifting their properties from the short-term market to long-term. These landlords say that the requirements for planning acceptance are not transparent enough. It is not clear what planning permission is being sought and the delays in processing applications (at least nine months in the Highlands) means that the next holiday season would need to be written off. Finally, the costs of submitting an application with no guarantee that it will comply with the rules and be accepted make continuing in the market untenable for many landlords.

The result will be a loss of many thousands of holiday homes into the long-term market or for sale on the open market. This potential increase in the number of properties in the private rented sector is to be welcome, particularly in cities like Edinburgh where demand is higher than anyone has ever experienced before. But if it is accompanied by a downturn in the tourist market next year then many of those people who may have found a home may subsequently be unable to find a job.

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The issue with these changes is the vagueness of the regulation and the rapidity of its introduction. No landlord is going to be able to afford to lose an entire season of holiday lets so the delay in processing these is a key issue in forcing these properties out of the market.

Equally, a planning permission measure which restricts properties without a main door entrance is clearly targeted at Edinburgh which, like most Scottish cities, is largely comprised of tenements. Given that one of the key issues last year during the Edinburgh Festival was the cost of accommodation it is unlikely this will be improved by dramatically decreasing the stock available.

As ever with legislative and regulatory changes there will be consequences for the market, and it is unlikely that these will occur in the way which the politicians expected. The issue, as ever, is supply and demand. If you restrict supply prices will rise, if you increase supply prices will fall. We shall see what happens next summer, but I think that record prices for holiday lettings will be the order of the day in Edinburgh and elsewhere.

By David Alexander

Source: Scotsman

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Truss to announce stamp duty cut – report

UK housebuilders rallied on Wednesday following a report that Friday’s mini-budget could include a plan to cut stamp duty.

According to The Times, prime minister Liz Truss will announce the move in the mini-budget in an attempt to drive economic growth. It was understood the PM and chancellor Kwasi Kwarteng have been working on the plans for more than a month.

Truss believes that cutting stamp duty will encourage economic growth by allowing more people to move and enabling first-time buyers to get on the property ladder, The Times said.

It cited two Whitehall sources as saying that cuts to stamp duty were the “rabbit” in the mini-budget, which the government is billing as a “growth plan”.

Under the current system, no stamp duty is paid on the first £125,000 of any property purchase. Between £125,001 and £250,000 stamp duty is levied at 2%, £250,001 and £925,000 at 5%, £925,001 and £1.5m at 10% and anything above £1.5m at 12%. For first-time buyers the threshold at which stamp duty is paid is £300,000.

During the pandemic, then chancellor Rishi Sunak lifted the stamp duty threshold to £500,000.

At 0910 BST, Persimmon shares were up 5.4%, while Taylor Wimpey and Barratt were up 4% and Berkeley was 3.5% firmer. On the FTSE 250, Redrow was 5.6% higher, while Bellway and Crest Nicholson were up 3.6% and 3.4%, respectively.

Tom Bill, head of UK residential research at Knight Frank, said: “Nobody can accuse the new government of lacking an economic vision. If its low-tax approach extends to stamp duty, recent history tells us it will trigger higher levels of demand in the housing market at a time when mortgages are getting more expensive, which will support social mobility.

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“Prices could move higher in the short term if supply initially struggles to keep up but more balanced conditions will return provided the cut is immediate and permanent.”

Neil Wilson, chief market analyst at, referred to the potential stamp duty cut as “the old Tory trick of juicing the housing market in its heartlands to boost confidence (wealth effect) whilst doing not a lot for housing supply”.

“I’m not for concreting over the green belt at all, but there will be questions about the economic soundness of this policy, as there always is. However, with interest rates rising so quickly, an offset to the cost of buying a home would grease the wheels of the market -without higher rates could cause the housing market to seize up.”

He added: “Clearly a stamp duty cut is good news for housebuilders who can expect higher selling prices as a result.”

Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, argued that a stamp duty cut could do more harm than good.

“Buyers are unlikely to be unhappy at the prospect of a tax cut, but if the government chooses to cut Stamp Duty in an effort to stimulate the housing market, there’s a risk it could do more harm than good.

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“It’s easy to see why the government is concerned about the housing market. We’ve seen demand fall consistently since May, when rocketing bills, rising house prices and ever-increasing interest rates started to take a toll on buyer enthusiasm. There’s a risk that if rate rises accelerate, pressure on buyers could reach a tipping point, where demand dries up.

“We know from very recent experience that a Stamp Duty holiday can stimulate demand. However, the only reason these holidays work is because people feel they have a small window of opportunity to take advantage, otherwise they’ll miss out. The point at which they think they can just wait for the next one, they will start to become less effective.

“Even if it does stimulate demand, it overlooks the fact that the real brake on the property market is a severe shortage of supply. With an average of 36 properties on each agent’s books, we’re still close to an all-time low in the availability of property for sale. Driving demand without addressing supply would risk more buyers chasing a tiny number of properties, which would push prices up.

“By ramping up prices at a time of rising mortgage rates, the end result would be higher monthly mortgage costs, which would be increasingly unaffordable. And the Stamp Duty holiday wouldn’t help on this front. This in itself could be enough to put buyers off, and if it deters enough of them, it could end up having the opposite impact to the one that’s intended.”

By Michele Maatouk

Source: Sharecast

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Holiday let mortgage enquiries remain strong post-pandemic

The holiday let mortgage market has remained popular with investors since the easing of Covid-19 lockdown restrictions, according to a new poll conducted by Hampshire Trust Bank.

Over half (55%) of broker respondents said they had written a holiday let case over the past 12 months.

84% of respondents said they had received more holiday let enquiries since the onset of the pandemic in 2020 and 48% had even seen more enquiries since restrictions were lifted earlier in the year.

In addition, brokers were asked what the most popular regions in the UK for holiday let enquiries were over the past 12 months. For 54% or respondents, the South West of England was the most popular location, followed by Cumbria and the Lake District (26%), the South Coast (23%) and East Anglia (14%).

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Louisa Sedgwick, managing director of specialist mortgages at Hampshire Trust Bank, commented:

“These findings show there is still significant demand for holiday let mortgages. The staycation boom we witnessed during the pandemic shows little sign of abating in the short-term.

“The fact that almost half of brokers taking part in the webinar have seen an increase in enquires since Covid restrictions were lifted clearly indicates the strength of demand for holiday let mortgages in the UK.”

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Source: Financial Reporter

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What you need to know before putting your home up as a holiday let

Thousands of Brits are exploring the idea of letting out their homes to holidaymakers or festival-goers this summer but don’t know how to do it. There are legal and tax obligations to be aware of, while other factors such as home insurance, cleanliness and practicalities also need to be considered.

Alok Alstrom, CEO of leading gig economy platform AppJobs, said: “Putting your home to work is often a good way to earn some extra cash, but it’s important to know how to do it safely and legally. For example, the extra income is considered taxable and it is advised to factor this into your finances and potential profit margins.

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“Meanwhile, it’s not as simple as just letting someone sleep in your spare room. There are certain standards of cleanliness, privacy and convenience that it’s recommended you adhere to. There is also a risk that things might not turn out as well as you had expected, such as a guest causing damage to your home or overstepping the boundaries.

“Make sure you know exactly what you are letting yourself in for and be confident that you are making the right decision.”

Different laws in different cities

Greater London applies a planning restriction where it is often considered a change of use if you rent out a home, and as such entire home listings in London are limited to 90 days per year unless you have the planning permission to host more frequently.

Planning permission may also be needed in Glasgow and Edinburgh, while Northern Ireland requires a licence from Tourism NI.

Some individual buildings, such as high-rise apartment complexes, can have strict rules and regulations against sublets.

Be careful to check the small print of your lease or contract to make sure you don’t fall foul of your neighbours.

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Mortgage and home insurance restrictions

Some mortgages won’t allow subletting, so it’s important to clear it with your mortgage provider to make sure it does not invalidate your policy.

The same goes for home insurance as you might need specific cover. Airbnb has a product called AirCover for Hosts that includes host damage protection and liability insurance.

Safety and emergency contacts

It’s advisable to make sure your guest is aware of what to do in an emergency, such as a fire or break-in, and who to contact. Also make sure they know where the medical supplies are should they be needed.

It’s good to flag any issues with the property that they might need to know, such as a window that doesn’t open or a plug socket that isn’t safe to use.

Being a good neighbour

Some big apartment complexes will have rules on how shared amenities such as gyms, swimming pools and rubbish disposals are used.

Make sure you communicate these rules to your guests to make sure you avoid any conflict.

By Neil Shaw

Source: Kent Live