The Dramatic Rise in Holiday-Lets

British holidaymakers could be in for a bargain this summer, because the dramatic slump in the housing market has seen homeowners struggling to pay their monthly mortgage installments and deciding to holiday let their homes instead. This is great news for consumers, because this is ensuring that prices are falling in the holiday-let market.

Changing Demographics

Statistics show a 33% increase in homeowners registering their properties for holiday lets. This change in demographics has seen prices dramatically drop, as holiday let owners are trying to keep one-step ahead of the competition. This may not be the ideal scenario for homeowners, but it’s a potential goldmine for tourists.

Holiday-Let Options

Homeowners Jenny and Paul Phillips have experienced problems selling their property in the current market place and opted for the alternative. “We placed our property on the sales market nine months ago, and we didn’t even get a single person show any interest,” said Jenny Phillips. “So we decide to opt for the holiday let option, because we live in Cornwall, and our property is situated only two miles from the beach. We were surprised by the initial interest, and over the Easter period we were completely booked out. We have already received bookings for 85% of the summer period and can’t believe how lucrative the holiday let market is.”

Paying Your Mortgage

Jenny and Paul Phillips are not alone, because homeowners of all types are placing their properties on the holiday let market, moving out of their houses in the summer months and making a financial killing. As Jenny Phillips states, “We moved out of our house during the summer months, and moved into a fixed caravan on a camping site. It might not seem to be a good option, but we have really enjoyed the change, and the money we are set to make over the holiday period will pay our mortgage installments for nearly one year. It is safe to say we are totally astounded and recommend this option to anyone with a property in a good location, who is suffering financial difficulties.”

Win-Win Loophole

This may be the way forward for homeowners who are within touching distance of repossession and offer a buffer to help pay off the mortgage for another year, while you revise your financial situation. You might not be comfortable with people living in your home, but the option is better than losing the property you have spent years paying for.