The future of holiday letting in the Lakes

The annual holiday letting report from parent company, Sykes Holiday Cottages, has revealed that the Lake District is once again a top location for staycations.

We take a look at some key insights from the holiday letting outlook.

Top Locations:

Cumbria has always been a top location for UK holidaymakers and this year is no different, with the Lakes is expected to see a strong footfall.

Ambleside has seen a 12% increase in income between 2022 – 2023. Situated a mile or so from the northern tip of Lake Windermere Ambleside is a lively hub for walkers, cyclists and all outdoor lovers.

Another honeypot location that has seen a good increase in income between 2022 – 2023 is Grasmere. This village has also increased in holiday let income by 12%. The quaint village of Grasmere sits in the iconic countryside, famous for its gingerbread.

Grasmere

Lakes Earning Potential:

Research* from parent company Sykes Holiday Cottages also places Cumbria and the Lake District in the top 3 highest earning regions. Sitting in second place, just behind the Cotswolds, the Lakes has an average earning potential of £28,200 a year for a holiday let.

Two bedroom properties in the Lakes earnt on average £21,300 a year, with 4 bedroom properties earning on average £44,000 per year.

Our dedicated team monitor market demand and adjust pricing accordingly. To ensure your property is let for the best price, we recommend you opt for our Income Maximisation tools, learn more about the options here. 

We also look at the industy as a whole, and according to data and analytics provider AirDNA, the top three seasonal periods where income potential is greatest are:

• Christmas week – 87% increase in revenue versus the week prior
• May half-term – 47% increase in revenue versus the week prior
•  Easter – 38% increase in revenue versus the week prior

Easter 2024 also saw a record breaking number of bookings.

Charlottes Cottage

Running a Successful Holiday Let:

Adding quality features to your holiday let or ensuring you have maximsed the properties potential is key to gaining bookings and improving income.

The top five most searched for features on the Sykes website were:

1. Hot tub
2. Wifi
3. Pub proximity
4. Garden
5. Swimming pool

Top five property types for income:

1. Unique/wow properties
2. Detached house
3. Farm stay
4. Barn conversion
5. Cottage

Low Longlands

Industry Insights:

Below are some key insights from our parent company Sykes Holiday Cottages UK survey and bookings data:

• £24,500 was the average turnover of a UK holiday let in 2023, versus £24,000 in 2022.
• 8% of increase in booings year-on-year in 2023.
• Bookings up 71% compared to pre-pandemic levels.
• Double the amount of new owner enquries compared to 2019 volumes.

Jaspers Retreat

Let with Lakelovers:

To join our community of successful holiday let owners, request your FREE owner pack which will provide you with more information and guide you in the right direction. Call us on 015394 88855 or drop us an email on newowners@lakelovers.co.uk and we’ll get right back to you.

*Data taken from our parent company Sykes Holiday Cottages – data from Sykes Holiday Letting Outlook Report 2024.