Short let agents grow by a third in 18 months

Short let agents grow by a third in 18 months

Thurs 13 November 2008

A survey of nearly one thousand letting agents using holidaylettings.co.uk was conducted in October and further revealed that a quarter have entered the short term lets market in an attempt to seek alternative income from residential sales and lettings.

The majority of agents (62 per cent) stated their main reason for working in the short lets marketplace as due to the popularity of their location with holidaymakers and interest from property owners in short term lettings. However, other stated reasons of enticement included the higher weekly rental achieved pro rata and the buoyancy of the holiday lettings market in the current economic climate.

The reasons behind their motivation to continue in or migrate to this marketplace extend to a combined belief that the number of holiday homes made available for letting will increase in the next 12 months. Over three quarter of letting agents (76 per cent) predict a growth in the number of advertised holiday homes, with 42 per cent expecting the demand to also increase in the next year. Supporting this, 44 per cent stated that demand and occupancy had increased in 2008 when making year on year comparisons.

Letting agents in short term lets handle most aspects of property management on behalf of private owners who do not have the time or inclination to manage house maintenance and guests. Most agents will also arrange or handle cleaning, key holding and meet and greet services for guests.

Mike Simkin, agent services manager at holidaylettings.co.uk comments: “Where agents are in a popular tourist location, home or abroad, there is potential for their business because not every holiday home owner has the time or desire to handle booking enquiries and changeover days. The UK is a particularly promising market because of the two million second homes here. Most agents are earning a 15 per cent commission per booking on holiday accommodation and certainly selling more holiday weeks than homes for the foreseeable future.”

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Notes to Editors
This information was drawn from The Holiday Lettings Thriving Marketplace Report, November 2008.

Download your copy here or contact Kate Stinchcombe for more information or to arrange to speak with Mike Simkin.

For more information on advertising your property portfolio clear here

About Holiday Lettings:

Holidaylettings.co.uk provides an effective means of online advertising for holiday homeowners and a user-friendly search tool for holidaymakers to book accommodation direct with owners. There are currently more than 30,000 holiday homes to choose from in 114 countries worldwide.

Established in 1999, holidaylettings.co.uk is the UK's most visited holiday home website attracting in excess of 1 million visitors each month; and is part of FTSE 250 company Rightmove.co.uk.

Contact details:
Public Relations Team
Kate Stinchcombe
+44 (0)1865 312010
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