A new report from Sykes Holiday Cottages demonstrates that bookings to UK holiday lets and income potential remains up on pre-pandemic levels, with the latest figures demonstrating a 16% increase in bookings for the Easter period.
According to The Holiday Letting Outlook Report 2023, the average Sykes owner saw a turnover of £24,000 last year, 59% up on 2019. This rises to £33,000 for a three-bedroom property, and £57,500 for a let with five beds or more.
For those weighing up what to invest in, hot tubs continue to be the greatest boost for revenue, adding 37% to average incomes, while pet-friendly properties could earn owners 31% more, and WiFi could add 26% in income.
Meanwhile, the report went on to look at how holiday let owners are responding to the ongoing conversations around the need for further regulation in the sector.
According to a poll of UK holiday home owners commissioned for the report, a quarter (25%) are very worried about the potential of new regulations or fees being enforced, with a further 52% somewhat worried.
However, despite the UK government’s Call to Evidence last year, holiday let owners’ sentiment remained strong, with new owner enquires up 173% versus 2019.
The research also found 84% of holiday let owners say bookings are still stronger than ever, with bookings to Sykes’ properties currently up 9% year-on-year, while 63% are planning to grow their holiday let portfolio over the next five years.
Graham Donoghue, CEO, Sykes Holiday Cottages, said:
“We’re still seeing a significant number of new holiday home owners join us despite the rising cost of living, and positively for owners, bookings and income levels are continuing to grow.
“The government’s impending review into the sector can’t be ignored and our research would suggest that this is on holiday let owner’s radars too. However, at this stage, our view is that any immediate changes for the sector are quite unlikely amid other priorities in government."
