Holiday homes on the rise: Homeowners set to make nearly £1bn from staycationers
July 29, 2020
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July 29, 2020
Holiday homes are the latest trend to arise from lockdown, suggests new research from UK’s leading trade directory Checkatrade,* with 30% of Brits considering letting their homes out to staycationers this year. They stand to make a potential £986 million from the Brits planning to splash the cash on holidaying in the homeland this year.
Investing in improving the home may be worth it for those embarking on their new source of income as those planning a holiday home retreat say they would be willing to spend an additional £347 per person to have WOW features – like cinema rooms or a hot tub – in their holiday accommodation this year. Searches for the installation of staycationers’ most in-demand features – swimming pools and hot tubs – on Checkatrade surged by 137% and 229% respectively during lockdown versus pre-lockdown**, suggesting some may already be planning how to renovate their homes this summer to attract staycationers now that restrictions are being lifted.
The ‘Love Island’ effect means that a huge 58% of people said they’d be willing to pay extra for a holiday let with a Love Island villa-style garden, which is great news for new holiday home owner Derry Green, 37, from Merseyside, who recreated the villa in his own back garden with the help of his two children (aged five and eight). Derry is renting out the glamping pod on AirBnB, resulting in over 10,000 requests about bookings, with the pod already sold out until November.
|Feature||Percentage of staycationers who would pay extra for the feature|
|3||Patio / outdoor entertaining space Home beach||72%|
|5||Cinema / home entertainment / games room||66%|
|7||Pub / bar / BBQ area||64%|
|8||Conservatory / sun room||63%|
|9||Summer house / treehouse||59%|
|10||Love Island villa-style garden||58%|
Top tips from Checkatrade for those looking to start a holiday home side business:
Mike Fairman, CEO of Checkatrade, said,
“With so many Brits looking to start letting out their homes to make a bit of extra cash this year, it’s clear that homeowners could stand to benefit by upgrading their homes before letting them out. With disastrous DIY currently costing the UK a huge £10.8 billion nationally***, getting Checkatrade’s vetted professionals in can be the best use of cash and time for those looking to save time and make money.”
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