The Met Office is predicting record-breaking temperatures with thermometers expected to hit 20C and above across the country this weekend. Whilst most sun-lovers will be applying the sun cream and basking in the warmer weather, the wider implications could see those who were pondering a trip abroad revisit their plans and instead opt for a staycation.
Recent research commissioned by Barclays1 shows that more than a third of Britons will take a break in the UK this year, and a further 21% will choose a staycation as their main holiday providing further insight into the growing trend to holiday closer to home.
It is not all about the weather, as uncertainty continues to plague the financial markets following recent election results, ongoing disputes around Brexit and wider global challenges, the price of the pound continues to mean that holidays abroad are expensive as the pound falls against the dollar.
Interestingly, VisitBritain has also reported an increase of 21%2 in inbound flight bookings, compared to the same time last year, with foreign tourists taking advantage of the weak pound and making the UK a popular option for tourists looking for a break.
Cedar Retreats, the Yorkshire based development with planning for 37 luxury cedar dressed holiday homes, has seen first-hand how the popularity of the staycation has impacted on businesses within the tourist sector.
Reporting a record start to the year, with four sales in as many months, the business believes it is benefitting from the rising cost of holidays abroad and the increasingly complex security checks at airports and ferry terminals.
As Cedar Retreats attracts holiday guests all year round, with annual rental returns showing a yield of up to 9.1%3 for owners, the company has attracted attention as far as London and the South of England as investors look to purchase a second home that can be used for holidays and to supplement income.
Managing Director of Cedar Retreats, Sarah Gawthorpe comments: “The staycation is nothing new but with the rising cost of holidays abroad we have definitely seen an increase in the number of UK domestic tourists that are making the most of holidays at home. Bookings this year are already ahead of 2016; it’s looking to be a very exciting year!
“It’s not just about holiday-makers though, we’ve also seen an increasing number of investors who are opting to purchase properties so that they can capitalise from the trend. Many of our owners like the balance of knowing that their investment is safe and delivering a return, while giving them the flexibility to take a break from their busy lives at the times that most suit them.”
Further analysis of visitor trends to Cedar Retreats shows that guests are choosing to take numerous UK breaks throughout the year, as opposed to one annual holiday abroad. As a result, the buy to let market for luxury lodges continues to be a popular and increasingly common option.