More and more Brits are expected to stay and holiday in the UK this year – an outcome which could encourage more Brits to buy a holiday home in the country.
Recent research reveals that an increasing number of Brits are eschewing foreign climes in favour the UK’s stunning coastlines and rolling countryside. And according to a recent study by UK holiday park operator, Away Resorts, this is causing an increasing number of Brits are looking into buying a UK holiday home.
The study found that 38 per cent of holiday-makers have the cash to buy a second home and plan to do so in 2019.
Here are three insights into how 2019 could shape the UK holiday home market, based upon Away Resorts’ data.
1) Based on the Away Resort’s data, 26 per cent of participants want a holiday home in the south west, while the south east was the second-choice location at 15 per cent. Collectively, this places the south of England as the most favourable destination to buy a bolt hole.
When asked to pick where they are most likely to purchase a holiday home, Cornwall took the top spot. The second choice amongst the survey respondents was the Isle of Wight.
2) When asked what they prioritise choosing a holiday home, more than half (55 per cent) of respondents said location, followed by good views at 26 per cent – something that England’s coast can certainly provide. Along with fairly rural coastal resorts in Cornwall and Devon, Brighton was a popular coastal destination for purchasing a holiday home.
3) Typically, flats and houses are considered the most popular and luxurious accommodation choices for a UK holiday home. However, 37 per cent of those surveyed said they will be looking to purchase a caravan or lodge instead. It is predicted more than 800,000 caravans could be in use within the next five years.
Affordability has been a big influence on this, with it proving far cheaper to maintain a caravan or lodge than a whole home. What’s more, with the unpredictability of Brexit’s effect on the housing market looming, the concept of purchasing a caravan or lodge over a bricks-and-mortar holiday home is seen as less of a financial risk.
Article published 6th March 2019