Total spent by holiday-rental clients in the UK is estimated at £4.35 billion, creating over 95,000 jobs. Owners contribute £450 million spending on their properties, including creating local employment opportunities.
LONDON – HomeAway Inc., in conjunction with the London School of Economics (LSE),unveiled the first-ever comprehensive study measuring 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, whereas previous attempts to study the holiday rentals industry have focused solely on single destinations.
The report estimates the total spend by holiday rental clients in the UK is over £4.35B per year, and responsible for creating over 95,000 jobs nationwide. Additionally, expenditure by tourists staying in self-catering accommodation grew faster than expenditure by tourists booking any other accommodation category.
Other highlights found within the research include:
- The holiday rental industry contributes an estimated £100M in tax revenue
- Estimated gross income of all holiday rental owners in the UK is £950M
- Net additional expenditure by holiday rental clients is estimated at up to £2.2B per 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. These effects are felt in regions across the country,” said Kath Scanlon, Research Fellow at LSE. “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.”
“This is the first step in showing the significant value that the holiday rental market brings to the economy as a whole, as well as to individual communities which depend on tourism,” said Erica Chang, UK Regional Director of HomeAway. “We are excited to be able to demonstrate this through figures that contribute to employment and local commerce.”
HomeAway Economic Impact Report
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She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
