The UK’s largest holiday home rentals website has published shocking figures that reveal the average income earned by property investors on its platform.
Sykes Holiday Cottages’ Holiday Letting Outlook Report 2023 reveals that its average owner saw an income of £24,000 last year, 59% up on 2019.
This rose to £33,000 for a three-bedroom property, and £57,500 for a let with five beds or more.
These figures would suggest that the pandemic boom in staycations continues, helped by the cost of living crisis and Sykes says the Easter weekend saw a year-on-year 16% rise in bookings.
But the ongoing boom in holiday home investment will add fuel to an already raging debate around the effect of holiday homes on housing markets in vacation hotspots such as Cumbria and the South West of England, and the need for more regulation, including a national licencing scheme.
Graham Donoghue (pictured), the firm’s CEO, says: “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.”
Read more: ultimate guide to short-let properties.
According to a poll of UK holiday home owners commissioned for the report, 25% are very worried about the potential of new regulations or fees being enforced, with a further 52% somewhat worried.
