The impact of Coronavirus has been detrimental on people and businesses on a global scale. The effects of the nation going into lockdown meant that government precautions effectively caused a halt in usual business operations; especially within the hospitality and property industry.
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Current market conditions illustrate that the short-term holiday rental market is witnessing a major boom. As the usual target audience of those wanting to go forward with rentals are typically from outside of the UK, the majority of guests as of now are domestic tourists. As travelling abroad is being discouraged by government officials, it is stated that a ‘Staycation’ boom is to be expected and therefore more British nationals will be having their summer vacations in touristic hotspots like London. As a result, some existing clients that are providing short let rentals may have been experiencing a decline in revenue during the past few months but the future is looking more positive as we begin to proceed towards a level of normality.
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Assessing this from a property investment perspective, opportunities to diversify and attract landlords are growing increasingly popular. Although the long-term rental market still upholds a secure position, short-term lets withhold distinct financial benefits. As a result, short-term holiday rentals are in high demand as the majority of those living within the UK are still relatively reluctant to travel abroad. As an alternative to the hotel sector, the short-let market has become a direct competitor as a growing number of travellers have considered the benefits that holiday rentals provide. With prime location being a primary factor in decision making, many tourists and families wanting to have a short getaway during the summer months are considering London, as the city has eased restrictions. Popular attractions such as The London Eye, Tower of London along with several museums and galleries have opened their doors to the public.
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SMARTHOST is a top choice for investors who wish to take advantage of this current growing trend within the industry. Upholding a successful track-record, the company provides their expertise in offering landlords optimum potential earnings for their property. In addition, SMARTHOST offers a wide variety of properties throughout London for any guests wishing to book a summer staycation.