The weak pound and uncertainty surrounding Brexit has prompted two-thirds of Brits to take a staycation, up from 56% in 2017, according to fresh research from Sykes Holiday Cottages.
With holiday lets becoming more of an attractive opportunity in the face of Brexit, an increasing number of investors are tapping in to the UK’s tourism boom.
The Sykes Staycation Index has revealed that in 2018, the average Sykes owner earned £20,000 in revenue from their holiday let, up from £18,000 the previous year.
It analysed Sykes Holiday Cottages’ booking figures, consumer research and revenue data to reveal the most popular UK destinations, and the factors and trends shaping Brits’ preferences for UK breaks.
The most lucrative holiday hotspot in 2018 was Cumbria – where a four-bedroom property generated an average revenue of £28,000 a year – followed closely by Cornwall and Dorset.
Luxuty holiday homes, meanwhile, have seen a 39% growth in demand since 2017, with properties with hot tubs earning 54% more than other properties in Cumbria.
‘Staycationers’ also favoured home comforts, with properties with WiFi making 16% more, and open fires boosting revenue by 14%. Demand for dog-friendly accommodation also rose, with pet-friendly properties earning 11% more.
Additionally, Sykes revealed that the average Brit is planning to take three UK trips this year, suggesting the staycation trend will not be slowing down anytime soon.
Bookings made with Sykes over the summer of 2018 were up by 55% and, with reports of warmer weather on the way this year, 50% plan to take their main summer break within the UK – boosting the UK economy by £25 billion.
According to the research, political uncertainty is also boosting staycations, with a quarter of Brits saying that the prospect of Brexit has encouraged them to holiday in the UK in 2019. This further supports our previous article on holiday lets.
Graham Donoghue, chief executive officer of Sykes Holiday Cottages, said: “The UK tourism industry is going from strength to strength, and it’s paying dividends for holiday property owners.”
“With a surge in demand for staycations, our cottages are generating more revenue than ever before. And with staycations set to soar further, there’s never been a better time to invest,” he concluded.
To view the full report, visit the Sykes Staycation Index 2019 here.