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Thursday, November 30, 2023

The holiday home industry and Brexit

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If you’re new to the holiday letting market or experiences, you need to make note of changes that were made last year in the political arena which have resulted in a decline in the purchase of holiday homes abroad.

It was reported that staycation is the favourite holiday as booking a family lodge in Cumbria or renting a flat in Cheltenham replaces the annual trip to abroad. But combined with increasing competition from owners renting in order to offset mortgage and maintenance costs, getting those bookings has never been so important for the holiday home market.

Retailers of Lpg, Flogas, give us an insight into the holiday home market and advise what home owners could do to maximise their profits.

Brexit’s effects on the holiday home market
In June, Britain voted that they wanted to leave the European Union and talks are underway, which has resulted in a change of attitudes towards purchasing homes abroad.

Homeowners and Brexit
Spain have been a first choice for UK residents to purchase holiday homes at because there are welcoming country and always accommodated Brits. In 2016, UK buyers made up 19% of home purchases in Spain by non-Spaniards – quite an impressive figure considering how many nationalities holiday there too. However, this figure has almost halved since 2008 when it stood at 38%, but why?

With the uncertainty that’s resulted from Brexit, Brits are becoming more reluctant to relocate abroad. More recently, the decline in the pound has meant that people cannot afford to buy the holiday home that they have had their eye on.

Holidaymakers and Brexit
The pound fluctuation has also been a key influence for the attitudes of holiday makers. More Brits are opting to take a holiday within the country in order to save money. Although research showed that they are spending less money on their staycations than what they used to, the income is coming in elsewhere. Tourists from other countries are coming over to take advantage of the lower rate of the pound and boosting the UK economy in that way.

With the implications of Brexit that haven’t been fully covered yet, holiday makers are unsure in other areas too. As of now, Brits are free to travel throughout the EU without restrictions and with access to healthcare. However, this could all change and it will further affect our holidaying habits.

How to gain more visitors to your holiday home?
Being a holiday owner, you may be witnessing a decrease in visitors.What can you do to encourage visitors to come and stay in your home?

Increase your online presence
If you haven’t got a website, you could be losing out on many potential customers from around the world because they didn’t know about your home. Even a basic website that includes photos, customer reviews and contact information could boost your online presence and revenues. Social media is another way to show off your holiday home and increase interest. On social media platforms, you can offer competitions to get people ‘sharing’ your post and engaging with the company.

Reviews on Tripadviser or Airbnb could make the difference a customer deciding to come to stay at your home. Ensure that you are monitoring the comments about your home and replying to any issues with an apology and a resolution. This will make you seem genuine and show that you have taken action to rectify any issues.

Take pride and care
The most common online reviews mention a lot about the atmosphere from when a customer enters a holiday home. To improve this; greet guests at the accommodation if you live nearby to provide them with their keys and show them around the area, offer complimentary wine or snacks and provide a map of the local area and any tips for their trip.

Keeping on top of your maintenance costs
You may be considering your options for purchasing a holiday home or perhaps you looking to remain profitable. Either way, it is important to be aware of the costs involved with maintaining a holiday home. Of course, utility bills and mortgage payments are considered however there are some that are often forgotten about: cleaning fees can be between £40-£80 per booking, a welcome kit can cost £10-£15, an agency may take around 20-25% of your monthly income and there are window cleaning and gardening costs on top of these too.

If you are interested to own a holiday home, it’s recommended to invest in a home in the UK – where tourism is on the rise from both foreign tourist and UK residents. For holiday home owners abroad, ensure you are maintaining your online presence and managing your costs as effectively as possible. Hopefully the effects of Brexit will become clearer soon enough and the holiday home industry will know where it stands.




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