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Moving home: Buyers make dream staycation permanent

by admin1
June 16, 2021
Investing in property: Holiday home vs buy-to-let 

The South West experienced the strongest growth

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This is according to data from online mortgage broker Trussle, which has seen in increase in people looking for mortgages to fund homes in places such as Cotswolds, Lake District and Cornwall.

Its data found demand for property in locations which were typically popular with tourists had risen dramatically in recent months.

The Yorkshire Dales appears to be the staycation most people want to make permanent, with Trussle reporting an 85% increase in mortgage leads for the area.

This is followed by Devon (Exeter +71%), Cornwall (Truro +57%) and the Lake District (Windermere +47%).

Miles Robinson, head of mortgages at Trussle, said: “With workers no longer anticipating being in the office 9-5, seven days a week, many are questioning the need to stay rooted in urban areas.

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“As a result, what we look for in a property has changed dramatically and this has fuelled demand for properties in popular holiday destinations, which are often more secluded.

“This shift has taken place during a period that has been very uncertain and it remains to be seen if this trend will continue beyond the pandemic as we look to chart a path back to normality.”

Don’t forget about the price tag

Having a permanent holiday isn’t always cheap. With the average UK home currently costing £256,000, many of the UK’s top staycation destinations come at a premium.

In particular, the Cotswolds’ average house price of £449,223 will cost buyers a premium of £193,223. Other expensive premiums include Dorset (£96,603), Edinburgh (£62,595) and Devon (£53,962).

However, buyers could bag a bargain in the Scottish Highlands and Snowdonia, with house prices £73,861 and £72,982 below the UK average respectively.

Trussle’s analysis on the demand for properties in the UK’s top 10 staycations (Source: Trussle)

Destination Average local house price Average UK house price Cost difference % increase in mortgage leads
Cornwall (48%) £302,100 £256,000 £46,100 57% in Truro
Scottish Highlands (43%) £182,139 £256,000 -£73,861 15% in Inverness
Devon (43%) £309,962 £256,000 £53,962 71% in Exeter
Cumbria/Lake District (41%) £258,368 £256,000 £2,368 47% in Windermere
Yorkshire Dales (35%) £290,235 £256,000 £34,235 85%
Edinburgh (34%) £318,595 £256,000 £62,595 17%
Peak District (32%) £285,029 £256,000 £29,029 44% in Buxton
Snowdonia (32%) £183,018 £256,000 -£72,982 48%
The Cotswolds (31%) £449,223 £256,000 £193,223 32%
Dorset (30%) £352,603 £256,000 £96,603 64%

 

 

Tags: holiday homesmoving housestaycation
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