UK: A recent survey by Leeds Building Society has revealed almost a fifth (17 per cent) of British holidaymakers are planning to stay in the UK this year, rather than go abroad on holiday.
The study also highlighted that one in ten people had decided to change their vacation plans this year due to ongoing political and economic uncertainty in the country, and as a result, it would provide an opportunity for a rise in popularity for short-term let properties.
Highlights from the study revealed:
- 62 per cent of respondents said England was the most desirable location to visit, followed by Wales (36 per cent), Scotland (21 per cent) and Northern Ireland (two per cent).
- The South West of England was found to be the preferred area for holidaymakers to visit in the country, with Yorkshire and the Humber (16 per cent), the North West (ten per cent), the North East (nine per cent) and the South East (six per cent) following behind.
- 49 per cent of respondents said they favoured staycations in coastal destinations for domestic trips, with country retreats (34 per cent) and city breaks (17 per cent) also proving popular options.
Leeds Building Society director of products, Matt Bartle, told SpecialistBanking: “Our research indicated that traditional holiday locations, such as the South West, Yorkshire, and the Lake District, remain as popular as ever.
“Buying a property as a holiday let, like any other property investment, does carry risk but it enables an investor to diversify their portfolio risk by letting weekly to a range of occupiers, rather than relying on one individual to pay their rent each month,” he added.