Landlords renting out holiday homes are seeing a surge of cancellations due to loosening rules around international travel.
The highest number of UK holiday bookings were cancelled this month since the November 2020 lockdown, excluding a peak in December due to the Omicron variant.
Vaccinated travellers leaving and arriving into Britain will no longer have to take a lateral flow test as of February 11h.
After the government announced that tests would be scrapped, staycation cancellations from January 5 to 12 surged by 18% compared to the previous two weeks, research from property management platform Guesty revealed.
The number of cancellations compared to bookings is also shifting. In the second week of January 36% of nights were cancelled compared to bookings, up from 31.6% the previous week.
It seems people are keen to go abroad now they won’t have to deal with the inconvenience of taking lateral flow tests.
Indeed, viewings of foreign properties on Knight Frank increased by 26.5% between the last week of December and the second week of January.
The surge of people having holidays within the UK has sparked more interest in the market from landlords during the pandemic.
Mortgage lenders have also cottoned on to the opportunity, as holiday let product choice has trebled since August 2020.
It remains to be seen whether this rapid growth in short-term lets – sometimes drawing landlords from the buy-to-let sector – will go in reverse once market conditions return to something approaching normality.