Holiday let purchase plans for one in ten, says The Nottingham

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Nearly one in 10 UK adults are considering purchasing a holiday let in the next five years, research commissioned by Nottingham Building Society shows. 

The survey of 1,470 adults was carried out by Consumer Intelligence on behalf of the lender, and further showed 21% are open to the idea of purchasing a holiday let. 

Over half (52%) of those surveyed who own UK holiday let properties say they bought them in the past two years, while of those with plans to purchase them, 67% said they would go on holiday there every year.  

One in ten (10%) say buying a holiday let to permanently live in one day is in their plans for retirement, while 56% say that would be a consideration to buy. 

The majority (84%) of those surveyed who already own holiday lets said they made more income from them in 2021 than 2020, with nearly a quarter (23%) estimating income was 30% or more higher. 

However, the research shows 52% have cut rents, with 27% reducing them by a fifth or more compared with last year, meaning holidaymakers deciding to stay in the UK this year might be in for a bargain.  

The table below shows the regions of the UK where potential holiday let owners would most like to buy, according to the research: 

REGION  % WOULD CHOOSE FOR A HOLIDAY LET 
Scotland/Wales/Northern Ireland  23% 
South West  17% 
London  15% 
East Midlands  11% 
West Midlands  9% 
South East  9% 
Yorkshire & Humberside  6% 
North West  5% 
North East  5% 

 The Nottingham head of mortgage product Christie Cook says: “Buying holiday lets is an aspiration for many – with some planning to go on holiday there, a significant number planning to live there permanently in the future and others seeing them purely as an investment.  

“The recent staycation boom has driven interest in UK holiday lets, particularly as the pandemic reintroduced people to the beauty of holidays in the UK.” 

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