New research reveals that most second homeowners in England who don’t currently let their properties are now considering opening them up to holidaymakers or tenants.
A Sykes Holiday Cottages survey of second homeowners who don’t currently let their properties out found that 71% are now more likely to do so, amid growing cost pressures, changing tax rules, and council tax surcharges.
More than half (56%) are actively considering short-term holiday letting, two in five (39%) are exploring long-term rental, and one in five (20%) are thinking about selling.
Currently, these second homes are kept for personal or family use (52%), used during work travel (9%), or held for future retirement (8%). Yet, many stand empty for much of the year – a missed opportunity both for owners and the places where these properties are located.
Sykes claims there are around 280,000 second homes in England that are not regularly let out on a commercial basis.
Based on average tourist spending, if these properties were regularly available to holidaymakers, they could generate up to £10.5 billion a year in local tourism spend.
A spokesperson for the firm says: “This research lays bare the untapped potential of the country’s second homes. With many properties sitting empty for most of the year, there’s a real opportunity to turn these underused homes into valuable assets for local communities – using them to support tourism spend and, therefore, local jobs.
“We understand the concerns around housing availability in high-demand areas, and policy changes rightly aim to prioritise local needs over second homeowners. However, holiday letting can offer another way of using them to contribute to communities – it’s putting otherwise empty properties to good use to benefit local jobs, services and businesses in local areas that depend on tourism year-round.
“Holiday let owners are undeniably also facing growing pressures and tax rules, but with strong appetite for domestic breaks, the market continues to offer attractive returns. At Sykes, we’ve seen a rise in second homeowners get in touch to understand how they can make their unused second homes work better for them, which is something we believe will continue as people look for sustainable, community-friendly ways to generate an income.”
Letting to holidaymakers could generate an average annual gross income of £24,700, according to Sykes – providing a financial incentive for owners to make better use of their second home while positively contributing to the surrounding area.
This article is taken from Landlord Today