Doom? Gloom? Not for holiday flats

March 5 2009 , Written by thediversetraveller Published on #2009, #accommodation, #bargains, #breaks, #Britain, #British, #BusinessTravel, #City, #Cost, #Costofliving, #Credit, #Crunch, #Destination, #economic, #England, #escape, #familytravel, #Getaways, #holiday, #honeymoon, #Money, #Planning, #recession, #Rental, #Scotland, #Smart, #Stylishly, #travel, #Travel News, #traveler, #traveller, #TravelTips, #UK

I don't mean to compound the message of doom as a result of the recession, but I have started thinking about what or who are benefiting or thriving in these challenging times.

If you are not one of the lucky few on a ridiculously cheap tracker mortgage, then you might be wondering how to make your home pay it's way. You've saved on energy bills by making it energy efficient, but that's still not enough. well, how about renting your home out as a holiday home?

Apparently, almost every agency/owner of self catering apartments in Edinburgh is seeing big increases in bookings and profits this year. One agency reported over double the value of bookings from last January, even before the end of the month. Self catering website Let In Edinburgh sheds some light on why.

Self catering in Edinburgh: Bucking the trend and performing well. Source: PRweb

Recently, there has been an explosion of interest in self catering and serviced accommodation. Whilst holiday cottages and villas have been a popular choice for a number of years, the city-centre apartment has only just become a viable alternative to a hotel. Cities like Edinburgh lead the way.

The increased demand has pushed more property owners over to self catering. Many of which have moved from short assured/residential (six or 12 month) lets. It's completely possible to see a £700 per month residential let achieving well over £1000 per month income as a holiday let.

I know this to be true, as whilst working in York, (two years ago agreed!) for a month I stayed in a short-let flat in the centre of town which cost £300 a week. It was like a posh home away from home, as the only thing missing was my partner.

According to those in the know, demand is increase rapidly as more Brits plan to holiday in the UK this year. The weak pound will also bring international tourism to UK streets. Add to this the (still growing) short/weekend city breaks market, the demand for city short-term lets is starting to look like an interesting money-making scheme.

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