A recent report from the Association of Residential Letting Agents (ARLA) indicates that a great deal of landlords are considering switching from Residential letting to short term letting in the near future.
There are a variety of reasons for this shift towards ‘Short stay’ or ‘holiday lettings’:
- Flexibility – Many landlords have seen the benefits in being able to use the property themselves when they chose and also vary their rental rates throughout the year.
- Less wear – With properties occupied for only a certain number of weeks a year, and guests spending large periods of time away from the property, the usual wear & tear of a rented property is greatly diminished.
- Tax benefits – One of the main taxation benefits of holiday lettings, compared to long-lets, is that it avoids being affected by the changes to mortgage interest rate relief.
The number of new Short stay properties likely to enter the market in the next year is estimated at around 200,000 which is great news for guests, as this offers more choice and drives competition and standards.
With the large number of properties entering the short stay market, some mortgage lenders have started introducing more products to handle the impending demand for this type of financial product. If you would like more information on Holiday let mortgages, please click here
If you’re thinking of switching to Holiday letting, or have a property that you would like valued to see what weekly rental you could earn, please contact us on 01983 525710 or email@example.com