Nearly half (48%) of Brits say they would consider short-term holiday letting as a way of earning extra income, according to research from mortgage lender, Together.
The lender’s survey of 2,000 UK adults found that extra income and convenience are considered the biggest positives of being a host.
Another motivation is the ability to maximise property usage, with 28% wanting to make further use out of the properties they already own.
More than one in five (22%) would be put off because they think they wouldn’t be able to get a holiday let mortgage, while other barriers include the time-investment to get it set up and running (28%) and renovating the property to a high enough spec to make their listing successful (21%).
Together commissioned a separate survey of 100 holiday let owners who rent out their properties through platforms such as Air BnB, where 88% said they would recommend becoming a host to others.
Some 64% of those who would recommend it said it was due to the additional income that comes with being a host.
Marc Goldberg, commercial CEO at Together, commented: “Many investors may see an opportunity in short-term holiday lets, which can provide greater yields than traditional longer-term BTL, which typically see tenants signing up to six- or 12-month contracts.
“Although this may give investors more security, short-term holiday lets allow landlords to increase the rental they can charge in peak seasons such as half-term, Christmas and summer holidays.”
He added: “There are some considerations for anyone weighing this up, [as] mortgage applications for holiday let properties are not always available from mainstream lenders.
“It is worth potential holiday let owners talking to specialist lenders, who could help to turn their ambitions to becoming a host into a reality.”
