According to a recent report by Knight Frank, the development of new build second homes have been providing the construction sector with some welcome relief during the recession, and will continue to do so through the current economic uncertainty.
- After a slight decline of 0.4% in 2008 the number of second homes in Britain rose by 2.6% in 2009, to reach record levels of 245,384.
- Knight Frank expects to see a further 2% rise in the total to more than 250,000 in 2010.
- Forecasts by Deloitte and Oxford Economics suggest that between now and 2020 the amount of money spent by Britons holidaying in the UK is predicted to grow by 2.6% a year in real terms.
- The amount of money spent by foreigners holidaying in the UK is predicted to grow by 4.4% a year.
- Growth in UK tourism over the past three years has expanded beyond usual popular months with the highest growth in bookings seen in September and October, as well as Christmas and New Year.
- 67% growth in nights spent in self-catering apartments in the UK between 2007 and 2010.
- Growing demand is boosting yields. Good quality holiday lets typically offer between 5% and 7% gross rental yields, often achieving higher yields than properties let on shorthold tenancies.
To see the report in full click here to visit the Knight Frank website>
With increasing numbers of holiday makers looking to the UK as a destination of choice, it’s now more important than ever to ensure that the quality of holiday properties is better then ever. A good standard of accommodation is expected, both in terms of the quality of the development and the architecture and interior design of the individual homes.