"Holiday let owners are undeniably also facing growing pressures and tax rules, but with strong appetite for domestic breaks, the market continues to offer attractive returns."
- Ben Spier, head of policy & regulation at Sykes Holiday Cottages
Of those surveyed, 71% of second homeowners in England who don’t currently let their properties are now considering renting out to holidaymakers or tenants.
More than half (56%) are actively considering short-term holiday letting, 39% are exploring long-term rental, and a fifth (20%) are thinking about selling their second home.
The majority of second homes (52%) are kept for personal or family use, followed by work travel (9%), and future retirement (8%). Yet, many stand empty for several months of the year.
According to analysis by Sykes Holiday Cottages, approximately 280k second homes in England aren’t regularly let out on a commercial basis.
Letting to holidaymakers could generate an average annual gross income of £24.7k and up to £10.5b each year in tourist spend – supporting jobs, services, and businesses in local communities.
“This research lays bare the untapped potential of the country’s second homes. With many properties sitting empty for most of the year, there’s a real opportunity to turn these underused homes into valuable assets for local communities – using them to support tourism spend and, therefore, local jobs,” explained Ben Spier, head of policy & regulation at Sykes Holiday Cottages.
He said: “We understand the concerns around housing availability in high-demand areas, and policy changes rightly aim to prioritise local needs over second homeowners. However, holiday letting can offer another way of using them to contribute to communities.”
“Holiday let owners are undeniably also facing growing pressures and tax rules, but with strong appetite for domestic breaks, the market continues to offer attractive returns.
“We’ve seen a rise in second homeowners getting in touch to understand how they can make their unused second homes work better for them, which is something we believe will continue as people look for sustainable, community-friendly ways to generate an income,” Ben concluded.
