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holidaylettings.co.uk: ‘Staycation’ and Eurozone Sustain Property Owners’ Income in 2009: 40% increase in enquiries for holidays year on year
- England most enquired for destination (86%); followed by Portugal (47%); Canaries (40%); France (34%); Italy(27%); Spain (26%)
- Majority of owners kept rates at 2008 prices
- Early adopter purchasers rent out homes for first time
- Holiday planners make a comeback and give property owners greater confidence.
Holiday Lettings has seen its holiday home advertisers benefit from the ‘Staycation’ and the perennial love of the Euro zone, despite the strong Euro. Home owners managed to sustain their income in 2009 – with the average annual income per owner rising to circa £12,000 - thanks to the shift by consumers to private home rentals / self-catering holidays, of which the value-for-money element resonated significantly with consumers in 2009 and is expected to stand firm in 2010.
In addition, due to some clever marketing by property owners in keeping their prices keen at 2008 rates and promoting special offer prices to draw in the ‘last minute’ market that dominated 2009 bookings, many owners saw their enquiries remain high and benefited from the 40 per cent increase in enquiries.
"Having renewed again for our third year, we wanted to say a big thank you to everyone at Holiday Lettings for the excellent and professional service you deliver. It is only January and our villa is already fully booked for the peak summer months due to the high number of enquiries generated by your site. Our friends who have recently joined you, are also very happy with your service and only wish they had joined earlier!"
Another shift has been the increase in the number of owners who have owned their holiday home for over 20 years letting their properties out for the first time. Some 37 per cent of holiday home owners who bought more than 20 years ago, are now letting out their holiday homes.
Ross Elder, managing director of holidaylettings.co.uk, says: “Such high volumes switching to letting their holiday home after so many years of reserving it for personal use signifies the shift in attitude towards the value of property today versus 20 years ago. The figures from the survey also highlight the shift in type of investor over time, as more recent investors demonstrate a desire to achieve capital gain, but they are also less fluid investors relying on credit to support their investment. As a result, there is a crucial requirement for the property to pay for itself through the rental income generated.” .../
Despite the economic situation, enquiries in January 2010 showed a 58 per cent year on year increase in enquiries for July holidays, demonstrating encouraging signs to owners that the traditional summer holiday planners are back and are booking early again this year. Spain is so far benefiting most from this summer planning frenzy, followed by Britain and France.
“Lower levels of consumer financial confidence in 2009 led to a change in enquiry and booking patterns,” says Ross Elder. “This impacted on advanced bookings traditionally made in January and February and drove the ‘last minute’ booking market for June, July and August. However, the planners are back and this means good news for our holiday home advertisers, who can plan their marketing strategies for the year, and gain the maximum income for their investment.”
Property owners are also becoming more creative with their marketing campaigns, employing the tools of social media, including Twitter and Facebook, to target their potential audience and to build relationships with other home owners using these media where they can share knowledge and marketing tips.