With the UK expecting to see a rise in ‘staycation’ holidays this year, holiday let business is set to increase also according to specialist property lender Cambridge & Counties Bank.
The bank found the majority (72%) of UK nationals expect to see an increase in holidaymakers taking domestic, UK-based ‘staycation’ holidays in 2020.
Of this, just over a quarter (26%) forecast a “significant” rise.
Simon Lindley, chief development officer at Cambridge & Counties Bank, said: “The UK is expected to see a rise in demand for ‘staycations’ over 2020 and beyond.
“We are seeing increasing demand for our very competitive, dedicated loans focused on serving the needs of property investors looking to buy and develop UK holiday lettings properties and expect this demand to increase significantly as the UK becomes an increasing attractive holiday location for UK and foreign holidaymakers.”
The top reason given for the increase in staycations was a drop in the value of the pound caused by Brexit making foreign holidays more expensive (67%).
Just over a fifth (22%) said that UK destinations were improving in terms of quality and choice compared to non-UK locations, and this was driving stronger demand for UK holiday lettings properties.
Just over half (51%) believe Cornwall will see the greatest rise in UK staycations over the next three years, followed by The Lake District (43%) and Devon (41%).