The rise of the ‘staycation’ has led to a considerable jump in the price of holiday homes, according to data1.
Holiday let mortgage applications show that average purchase prices rose by 12% between October 2020 and March 2021, leaping from £387,993 on average to £435,476.
Mortgage applications increase by a third
The number of holiday let mortgage applications received has also risen sharply. In the six months to March 2021, applications for holiday let mortgage finance increased by nearly a third (30%).
Are staycations here to stay?
Due to international travel restrictions, it is unsurprising that more holiday let investors have taken the plunge this year, as the staycation trend looks here to stay. According to research2, 84% of Britons say they would consider a staycation in the future, with Cornwall, the Scottish Highlands and Devon at the top of the list for 2021 staycationers.
Looking to let?
If you’d like to invest in a holiday let and take advantage of the staycation trend, get in touch. We can assist you in finding suitable mortgage finance for your needs.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.