Tourists that rent holiday accommodation are providing a £4.35 billion a year boost to the UK economy, according to a report from the London School of Economics (LSE). The report also showed that rental clients are helping to create more than 95,000 jobs across the country.
Furthermore, the LSE report showed that the £4.35 billion figure related to the amount spent annually by the rental clients. The report added that the holiday rental industry contributes an estimated £100 million a year in tax revenue to the UK Government. It also found that expenditure by tourists staying in self-catering accommodation is growing faster than expenditure by tourists booking any other accommodation category. The report included a survey of 1,600 UK holiday home-owners which revealed that they spend £450 million a year on their properties and employing local people. The poll also showed that 36% of holiday rental owners were likely to buy an additional rental home in the next five years.
Long-term strategic planning is a key step to holiday rental businesses maximising performance and reaching their full potential. Milsted Langdon’s specialists will work with you to identify where you are now and where you want to be in the future, as well as defining your objectives and the actions you need to achieve them. We can help with issues including cash flow projections and forecasting to support proposals for funding for new developments and assist in raising finance. For more information, please contact us.