With all the recent news on the coronavirus and the uncertainty of travel there has never been a better time to invest in a UK based holiday rental property. The UK tourism market is growing with Britons getting fed up of airport queues, flight delays and poor exchange rates
If that doesn’t convince you then here are a few more reasons that may make it more appealing.
- It’s a great investment and there are now specialist companies that will help you mortgage a holiday rental property. You could get returns of 5% or higher.
- A furnished holiday property is treated as a business. It gives you the benefit that most properties, due to the size, you will probably get relief on business rates and it will be exempt from council tax. Furnished Holiday lets attract capital allowances, which can be applied to furnishing the property, most of their running costs are tax deductible, any profit can be used for pension contributions, capital gains tax incurred from them is low.
- We have a growing staycation market. The bulk of tourism in the UK is from Britons and the popularity of short breaks is on the increase. According to the national tourist agency, 35 million overnight holidays were taken in the 12 months running up to July 2019, an increase of 2%. We are a nation of dog lovers and lots of dog owners don’t like to leave them behind, also the cost of kennels especially if you have more than one dog is quite costly.
- We have seen a rise in overseas visitors and there has been a big increase in visitors using the likes of Airbnb rather of mainstream accommodation. This may be affected this year with the Coronavirus epidemic, but on the plus side more Britons will stay in the UK.
- If you are considering the environment then staying in the UK is eco-friendly and reduces your carbon footprint by taking away the need to fly. Last year concern about climate change stepped up a gear so that today it is one of the most prominent global issues.
- You have a choice of methods of travel but most Britons travel by car. This gives you freedom over what you pack with no luggage limits other than the size of your vehicle. Having a car means you can also be more flexible with dates and travel times. You can bring along the dog and your bike is you so wish.
- No need for foreign currency or language barrier. The weaker GBP has increased the cost of travel outside of the UK and everything cost more when you get there. And for property purchasers in the UK the buying process is less stressful as the process as they aren’t any differences in the conveyancing that you are familiar with and no translation required.