Holiday home demand could kick-start the property market?

Holiday home owners sitting on their frequently vacant nest egg spend an average of just four weeks of the year at their second home, according to a survey of holiday home owners who advertise on holidaylettings.co.uk. Plus, those with homes in the most in-demand locations are missing out on the income that a part time job might raise, but at less than half the workload; the same survey revealed the average annual income from letting a holiday home is circa £10,000-£12,000.

Destinations where demand outstrips supply:

– Favourite UK city break destinations: London (all zones), Newcastle, Manchester, Liverpool, Stratford upon Avon, York, Cardiff

– Favourite UK rural break destinations: Stow on the Wold, Lake District, Gloucester, Peak District, Cirencester, Cheltenham, Hay on Wye, Aberfeldy, Loch Tay, Loch Awe, County Antrim, Portstewart

– Favourite UK coastal destinations: Whitsand Bay, Brighton, Bournemouth, Polperro, Portrush, Tregony, Weymouth, Portsmouth, Rye

– Hot European destinations: Dubrovnik, Cavtat (Croatia), Zell Am See, Playa del Ingles (Gran Canaria), St Paul’s Bay (Malta), Playa Blanca (Lanzarote), Costa Adeje (Tenerife), Disneyland Paris, Ibiza, Magaluf, Ayia Napa, Alghero & Costa Smeralda (Sardinia), Benalmaden

– Global city break destinations: New York City, Los Angeles, Istanbul, Bruges, Paris, Cairo, Amsterdam, Sydney, Barcelona

– Hot destinations outside Europe: El Gouna, Sharm El Sheikh, Trinidad & Tobago, Mauritius, Agadir (Morocco), Barbados, Ipanema, Lapland, Tel Aviv, Jumeirah Beach, Dubai Marina, Sri Lanka

Ross Elder, managing director of holidaylettings.co.uk, comments: “We need to do more, particularly in the UK, to encourage owners of second homes in these popular places to make the switch and make their homes available to paying guests. Where there is obvious demand for holiday accommodation, there are significant opportunities for individual second home owners and the local communities in which they have invested. Gaining the confidence of these second home owners about how their property will be looked after by guests if they provide a personal service and the ease with which holiday homes can be managed as holiday lettings will need to form part of the process of engaging more second home owners  with the holiday lettings marketplace.”

Have your say on this story using the comment section below