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UK: Most second homeowners in England who currently keep their properties for personal use are now considering opening them up to holidaymakers or tenants, according to new research from holiday cottage rental agency Sykes Holiday Cottages.
The company’s latest survey of second homeowners who do not currently let their properties found that 71 per cent are now more likely to do so in light of tax changes and council tax surcharges.
More than half (56 per cent) said they are actively considering short-term holiday letting, while two in five (39 per cent) are exploring long-term rental, and one in five (20 per cent) are thinking about selling.
According to Sykes’ analysis, there are around 280,000 second homes in England that are not regularly let out on a commercial basis. Based on average tourist spending, the company estimates that if these properties were opened up to holidaymakers, they could generate up to £10.5 billion a year in local tourism spend, supporting jobs, services and small businesses in tourism-dependent communities.
Ben Spier, head of policy and regulation at Sykes Holiday Cottages, said: “This research lays bare the untapped potential of the country’s second homes. With many properties sitting empty for most of the year, there’s a real opportunity to turn these underused homes into valuable assets for local communities – using them to support tourism spend and, therefore, local jobs.”
Spier acknowledged housing pressures in high-demand areas but argued that holiday letting could provide a way of putting otherwise empty homes to use.
Sykes added that letting to holidaymakers could generate an average annual gross income of £24,700 per property, providing a financial incentive for owners while supporting the wider tourism economy.
Highlights:
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Findings are based on a Sykes Holiday Cottages survey of second homeowners in England who do not currently let their properties.
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71% said they are now more likely to let, with 56% considering short-term holiday lets, 39% long-term rentals, and 20% selling.
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Around 280,000 second homes in England are not currently let, according to Sykes’ analysis.
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Company estimates suggest these homes could generate up to £10.5bn annually in local tourism spend.
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Average holiday let income estimated at £24,700 per year.
