Average UK holiday rental hits £1,556 a week in peak season

The average rent on a UK holiday let during peak season has reached £1,556 a week, according to new data from Hodge.

This compares to the average rent for standard residential tenancies of £1,029 a month, according to the latest HomeLet index.

Hodge says that the average holiday rent during mid-season is £1,107 a week and for low season it is £795.

However, in the south-east of England the average high season rent is much higher at £1,910 a week.

The south-west of England is close behind at £1,769, followed by the east at £1,569, Wales at £1,418 and the north-west at £1,302.

Scotland has the lowest average weekly rent for holiday homes peak season at £1,222.

Hodge business development director Emma Graham says: “When brokers and intermediaries come to us with a holiday let application we ask them for the average rental yield for that property, from that we can calculate how much an average rental for that region is during the different seasons.

“What our data shows is that there has been some slight fluctuation in the market over the past year, with rental yield prices going up and down marginally, but that areas like the south-east and southwest are always the most profitable when it comes to running a holiday let business, as rental yields are always high.

“It will be interesting to see how the rental yields will change over the next 12 months as restrictions on travel ease and more people are able to holiday abroad.

“What is clear to see is holiday lets have been hugely popular in the past six months, not only in terms of sales but also in terms of the rental owners are able to charge, and holiday lets have been a sound investment for many if they have been able to buy one at the right time and at the right price.”