The future of landlording is to have a more bucket-and-spade flavour than at the moment, new research among younger wannabe investors has discovered.
One if five UK adults have thought about buying a short-let holiday property in the UK to rent out, spurred on both by travel restrictions during the pandemic but also growing awareness of the ecological effects of plane travel, says Suffolk Building Society.
Those keenest to consider such an investment are younger people between 18 and 34 years old, half of whom either live in London or the West Midlands.
The building society says this increased interest in holiday-let properties is mirrored within its own lending team, with both the volume of, and total value of, completions for new holiday let purchases doubling between 2020 and 2021.
It also says that this new cohort is evenly split between those inspired by Covid to get into holiday lets, and those who had always planned to.
Devon and Cornwall are the locations that most wannabee holiday-let landlords were considering, followed by the Lake District, Peak District and Yorkshire Dales.
“It’s easy to understand why the idea of owning a holiday let is so attractive,” says Charlotte Grimshaw, (pictured) who heads up Suffolk Building Society’s mortgage broker division.
“As people were limited to holidaying in the UK, often within an area they know and love, their eyes were opened to the opportunity of increasing their income, as well as enjoying a property for personal use too
“However, intermediaries should also advise their clients to take the time to understand the market, and check out the competition before falling in love with a property that isn’t viable in terms of lettings.”