Insurance News Archive

Second-home owners 'driven to holiday letting'

Second-home owners are being "driven" towards the holiday letting market because of financial concerns, according to an expert.

Letting out second properties is likely to accelerate next year as owners look for another source of income in the credit crunch, says Simon Law, vice president of property recruitment at the Holiday Cottages Group.

"A lot of our second-homes owners were driven towards the holiday letting market, especially those who have inherited them recently, simply because of buy-to-let not being feasible for long-term lets," adds Mr Law.

He stated that long-letting cottages which are not in prime tourist areas is not easy, so holiday rentals are the preferable option.

The firm's research found that 58 per cent of women would like to become holiday home landlords.

Holiday homes look set to become more popular, with 63 per cent saying they intend to stay in them during their vacation, rather than hotels, the study showed.

22 Dec 2008