THE total spend by holiday rental clients in the UK is more than £4.35 billion a year, which sustains more than 95,000 jobs, according to research by HomeAway Inc. and the London School of Economics (LSE).
Their report summarizes the first-ever comprehensive study of the economic impact of the holiday rentals sector in the UK market. Unique to the report is its analysis of key domestic destinations across the UK – specifically, North Yorkshire, Cornwall, and London; previous attempts to study the holiday rentals industry have focused on single destinations.
The study also found that:
Expenditure by tourists staying in self-catering accommodation grew faster than expenditure by those booking hotel and B&B stays
The holiday rental industry contributes an estimated £100 million in tax revenue
Estimated gross income of all holiday rental owners in the UK is £950 million
Net additional expenditure by holiday rental clients is estimated at up to £2.2 billion a year
36% of holiday rental owners are likely to buy an additional rental home in the next five years.
‘This report suggests that the holiday rental industry contributes to the UK economy by increasing tourism income and creating jobs,’ said Kath Scanlon, Research Fellow at LSE. ‘These effects are felt in regions across the country. Nationally, owners spend an average of about £1,600 per property on hiring employees. In Cornwall and North Yorkshire – two locations with underemployment issues – the figures are even higher. In these areas, owners spend on average £2,500 and £3,000 respectively per property.’
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