Owning a holiday home is not only great for when you want to escape to a home away from home. It can also be a wise, and very profitable financial move, if you pick the right destination – and now the results of a new research project have been released to help you do just that.
Personal loan provider Hitachi Personal Finance have revealed a list of the most profitable destinations to own a holiday home in the UK. They began their research by asking 1,000 British adults where in the world they’d invest in property – and surprisingly, all of the destinations in the top five turned out to be in the UK, beating otherwise popular international destinations such as Sydney, St. Lucia and Paphos in Cyprus. In fact, the researchers found that almost one in ten Brits would choose to own a holiday rental here in the UK.
When it came to the most profitable prospective destination, participants guessed Sydney, Paris, St Lucia and Dubai – but none of these ended up in the top ten. Instead Santorini, Greece was found to be the place where owners would actually earn the most out of the list of 30 cities for holiday homes, while the UK – Bath in particular – came in third.
Recent Visit Britain statistics show that holidays in England brought in roughly £11bn from travel-related spends in 2017 – and Hitachi’s results show that the top ten locations in the UK that made the most revenue in the previous month are:
1. Bath £2,221
2. Oxford £2,066
3. Brighton and Hove £2,061
4. London £1,951
5. Cambridge £1,847
6. Edinburgh £1,844
7. York £1,835
8. Inverness £1,778
9. Windsor £1,729
10. Bristol £1,509
As for why UK holiday homes are experiencing such high demand? ‘A holiday home can seem like an attractive investment, but with global markets seeing their fair share of turbulence recently, it can be hard to identify where is best to invest in, which could explain the surge in popularity of UK holiday lets and staycations,’ says Vincent Reboul, Hitachi’s Managing Director.
So there you have it. If you’re going to invest in a holiday home, keep Bath, Oxford and Brighton on your radar….