Holiday home tourism bonanza for local economies Thursday 31 July 2008 PDF Print With around two million properties owned as second homes in the UK the opportunities for the self-catering holiday market and local economies are endless, if second home owners turn their minds to it. The burgeoning number of self-catering holidaymakers seeking greater richness of experience and value for money from, what they deem to be, ‘essential’ holidays is perpetuating growth in the holiday home letting market and bringing more revenue into wider local economies as a result. A survey by holidaylettings.co.uk of over 600 self-catering holidaymakers found that on average people spend more than half on self-catering accommodation than on hotels, yet more than double on eating out, grocery shopping and attractions in the local area than hotel guests. Furthermore, holiday home landlords achieve between £3,000 and £12,000 per annum in rental income; more than a significant contribution towards mortgage and running costs, if not the wider economy in income tax. With around a third of all British holiday homes located in Devon and Cornwall there are incontestable prospects for second home owners who currently only use their other home for the average four to six weeks each year. Furthermore, local economies, second home owners and holidaymakers would all benefit from property owners realising the added value of their assets and letting their second home for short term periods. Homes in Newquay, Bude and Padstow in Cornwall receive in excess of the average number of annual booking enquiries through holidaylettings.co.uk (40 per annum on average), as do those in Croyde and Dartmouth in Devon. Away from the coast, homes in Cotswold villages such as Burford and Bourton-on-the-Water receive on average more than double the annual enquiry figure, as do locations such as Coniston and Bassenthwaite in the Lake District. Short term letting is a simple, money raising, economy supporting solution for owners of second homes whether they are struggling to cover their next mortgage payment, wondering how to recoup increased costs in these inflationary times or just preventing their home from standing empty. Currently only an estimated 20 per cent of second home owners actually rent their property out on a short term basis; a figure holidaylettings.co.uk expects to increase in the coming months and years as owners realise the added value of their assets. As the number of holiday home landlords increases, there will be greater use of second homes, greater injection of investment in local communities and far less need for concern regarding the future of communities or the need for government policy and planning permissions to determine the use of property by its owners, as has recently been called for by Liberal Democrat MP Matthew Taylor. Ross Elder, managing director of holidaylettings.co.uk says: “There is a symbiotic relationship between holiday home ownership and tourism and this needs to be harnessed and encouraged by the government, home owners, tourist boards and local economies. Letting out your holiday home is one of the simplest solutions for raising additional income as well as contributing to the local economy of your chosen location, even in your absence.” -ends- Notes to Editors  ONS Wealth and Assets Survey, January 2008  Holidaylettings.co.uk Holidaymaker Survey, May 2008  Holidaylettings.co.uk Holidaymaker Survey, May 2008  Holidaylettings.co.uk Home Owner Survey, December 2007  Mintel, The Market for Homes & Housing Overseas, UK August 2006 ~ Holidaylettings.co.uk currently advertises over 25,000 holiday homes to a growing monthly audience of 1.5 million holidaymaker visitors. ~ Between 1,000 and 1,500 newly advertised holiday homes are added to the site each month, with an advertiser renewal rate of 80 per cent. ~ On average, 40 booking enquiries are received per property per annum. ~ Supply and demand, average rental rates, location growth and holidaymaker demand figures, comment on the holiday home letting and self-catering industries all available upon request. For further information, please contact: Kate Stinchcombe, PR Officer firstname.lastname@example.org 07791 114296 / 01865 312010 About http://www.holidaylettings.co.uk A business fuelled by British passion for property investment, the expansion of low cost airline routes and the need for a 21st-century tool for finding holiday accommodation, holidaylettings.co.uk is now the UK’s busiest holiday home website. The combination of holiday home advertising by home owners and accommodation browsing by holidaymakers creates a marketplace in which the self-catering travel industry blooms. Now leading the field in holiday home advertising and self-catering accommodation search facilities, holidaylettings.co.uk welcomes around 1.5 million holidaymaker visitors to the site each month to browse over 25,000 properties available for holiday lettings worldwide. Ross Elder and Andy Firth co-founded http://www.holidaylettings.co.uk in 1999 and have spearheaded the company’s mission to become the UK’s No.1 holiday home website that it is today. The success of its model attracted investment from Rightmove plc in March 2007. This press release was distributed by ResponseSource Press Release Wire on behalf of Holiday Lettings in the following categories: Leisure & Hobbies, Home & Garden, Personal Finance, Business & Finance, Travel, Construction & Property, for more information visit https://pressreleasewire.responsesource.com/about.