According to the Office for National Statistics (ONS), there was a 6% rise in the numbers of foreign visitors to the UK in the first eight months of 2013, as compared to the same period in 2012, together with an 11% increase in spending. These statistics prompted Britain’s tourist board, Visit Britain, to predict a record £20 billion of spending by overseas tourists in the UK during 2013. This is great news for property owners renting out holiday accommodation and provides encouragement to anyone planning on taking advantage of the holiday lettings market.
Commenting on the figures, Sandie Dawe, chief executive of VisitBritain, said:
“More people than ever from around the world are choosing to holiday in Britain, with record numbers coming from the high-spending markets of Latin America, Middle East and Asia Pacific. This all adds up to a new milestone of spend over a 12-month period of £20bn, which proves the massive contribution that inbound tourism makes to the UK economy.”
Managing holiday lets – make sure you’re prepared
Whatever type of property you’re renting out to holidaymakers, be it a city-centre apartment or a seaside cottage, it’s important to get some of the basics right at the beginning to avoid any disputes or problems arising further down the line.
After deciding on issues such as pricing, cleaning arrangements, and health and safety matters, you will want to start taking bookings as soon as possible. However, before entering into any agreements, it’s important to ensure that you have all your bases covered and aren’t exposing yourself to any unnecessary risks. This is where a professional holiday letting agreement comes into play.
The benefits of a holiday letting agreement
A properly written holiday letting agreement will cover the obligations of the guests and owner in relation to the property, outline the payment process and specify the deposit. It will clarify that the rental is on a short-term basis for the purposes of a holiday and that no tenancy is being created. This is important when it comes to taking action if holiday-makers refuse to leave on time and generally avoids many of the difficulties faced by regular landlords who are renting for longer periods of time.
Deposits taken for holiday lets are crucial as a way of insuring yourself against any damage to your property during the stay, but they do not need to be placed into a tenancy deposit scheme account. Including an inventory to list everything in the property is advisable as a way of accounting for any deductions to a deposit due to missing or broken items.
Prior to joining Rocket Lawyer in 2012, Mark led the legal business development team for LexisNexis UK. There, he managed a cross-functional team, and was responsible for the full lifecycle of product innovation—from proposition development and business case, through the launch and early sales traction. During his time at LexisNexis UK he built two new successful product lines. Previously, Mark was a user experience consultant, working in various industries including telecommunications and health.
Mark has a Computing degree, a masters in User Experience, and a PhD in Artificial Intelligence.
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