Holiday lettings - is the boom over?

According to many holiday let owners bookings have significantly reduced in the first quarter of 2023 leading many to consider if there is more security in a long-term rental. The holiday let market boomed post-pandemic and many homeowners turned to holiday letting sites to make the most of their empty properties.

There is now concern that the oversaturated market and cost of living crisis are having a detrimental effect on the sector. Many property owners are now turning to long term letting to ensure a steady income stream and to avoid having their property sat empty for weeks, or even months, at a time.

There are two main benefits to moving back to a longer let strategy - a steady, regular income, and a dramatic reduction in the effort required to manage the property. No more marketing spend to fill the rental weeks and no more weekly or weekend changeovers.

Traditional landlords often have the option of a fully managed package which means the Letting Agent will deal with the day to day running of the let, collecting rent and dealing with repairs.

Moving to a long term rental, even for only a short period, may yield less return but will be far less labour intensive over the same period of time. It also avoids holiday let owners from having to jump through hoops to adhere to the new regulations being put in place for holiday lets, including requesting planning permission and the mandatory registration of all holiday let properties. Some councils have even discussed an increase in council tax for second homes which would affect profits on holiday let properties.

At Poole Townsend, our Lettings team have decades of experience in renting properties across South Lakes and the Furness peninsula and can advise on the best options for your rental property. We offer three service levels covering the basics of finding a tenant to a full management option so you can choose the one that suits your needs. Each is listed on our dedicated Landlords pages.

For more information or to discuss your individual properties, Andrew and Louise, our lettings specialists can be contacted on 0800 389 2939 or you can send a message via our Contact Us page.

Mia Crossman, Sales Negotiator, Kendal Office

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