Riding the tourist wave
There may be no further detail about the terms under which the UK will leave the EU in March 2019, but many believe if the value of the pound does not recover and travelling abroad, particularly to EU countries, becomes more difficult then the staycation could become the norm.
In 2017, there were 39.2 million visits by overseas residents to the UK, 4 per cent more than in 2016 and the highest figure recorded, according to the Office for National Statistics (ONS). Its also states: "The number of visits has increased each year since 2010."
The ONS also confirms holidays are the most common reason for people visiting the UK, with 15.4m holiday visits to the UK in 2017, up 11 per cent on the previous year, and accounting for 39 per cent of the total visits.
“If some of the demand for holidays overseas transfers to demand in the domestic market as a result of Brexit, this will be an opportunity for the sector,” Mr Taylor says.
Mr Nyirenda observes: “There has been an influx of overseas visitors due to the weakening of the pound, making UK holidays cheaper.”
He also points out “a recent relaxation of local planning laws in holiday locations has allowed more properties to be made available for purchasing”.
“People will always want to go on holiday and holiday lets not only give people the local accommodation they’re looking for, but also the flexibility that hotels can’t offer,” explains Mr Belton.
“Over the years, many rental properties have become better equipped, but it’s also become easier to market these properties thanks to the internet, so their popularity is only set to increase.”
eleanor.duncan@ft.com
