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Top holiday letting destinations detailed – Mortgage Strategy

Cornwall is the UK’s top-earning holiday letting landlord with properties earning more than £40m in just three months from July to September last year, according to research by WealthofGeeks.com.

The website found the average price per night was £84 for a room, £113 for an apartment or £117 for a whole house or cottage and holidaymakers booked a total of 476,910 nights in short-term rentals during the period.

The London borough of Westminster was the second highest earner, generating more than £34m in the same period in 2023.

Average nightly prices were £113 for a room, £147 for an apartment or £435 for a house, with a total of 304,790 nights booked last summer.

Camden was ranked third for holiday income, generating more than £21m for landlords in the same three months last year when 172,500 nights were booked in short-term rental properties.

The average cost of a room there was £123, while a flat cost £156, and a house £140.

Two other London boroughs made the top five holiday destinations: Hackney, followed by Kensington and Chelsea.

Brighton and Hove came sixth in the earnings table, but the rest of the top ten were all London areas: Islington, Southwark, Tower Hamlets and Lambeth – despite restrictions in the capital that prevent landlords from renting out more than 90 holiday rentals. days in a year.

Overall from July to September last summer the UK holiday rental market generated £739,211,390, according to the survey.

The survey comes after Chancellor Jeremy Hunt announced holiday tax cuts for homeowners in his Spring Budget last month.

He said: “I am concerned that this tax law creates a distortion, which means that there are not enough properties available that can be rented for a long time by local people.”

From next April, holiday let owners will no longer be able to pay their mortgage interest out of their profits to reduce their tax, and will not benefit from other tax benefits under the holiday let law.

But a spokesperson for Wealth of Geeks says: “Holiday rentals play an important role in the UK tourism industry by supporting the local economy, providing accommodation to enhance the visitor experience, and boosting tourism in various regions across the country.

“Tourism also helps to raise awareness of lesser-known places, helping to distribute tourist revenue equally throughout the country.

“While some destinations may experience seasonal fluctuations in tourism during the summer, vacation rentals attract year-round tourism, which helps sustain the economy and businesses during less favorable seasons.”


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