- What’s new in the UK Property Market?
Short Term Rentals – A Shift in Traveller BehaviourA few years ago, short-term rentals were marketed by hosts to international holiday-makers, and those were investing a lot of time and money to tour a destination that was far away from their home. However, since the pandemic – and the travel restrictions it introduced – more people than ever before have geared towards staycations/ domestic travel. Either because the lockdown has encouraged them to appreciate local sights more, or the pandemic has financially impacted them – making staycations seem more affordable. This notable shift in traveller behaviour has opened-up opportunities that were previously few and far between for STR hosts in the UK property market. In fact, a summer article from TravelWeekly claimed that domestic travel is certainly “here to stay” over the rest of 2022 and 2023 – with 58% of UK travellers reporting that they are planning staycations in the UK rather than holidays abroad with their families. According to the same article, the main reasons for UK travellers to take holidays are to:
- Relax (46%)
- Go to the beach (38%)
- Spend time with loved ones (35%)