UK: A report by the LSE London on the UK holiday rental sector has found the industry supports 100,000 jobs and generates more than £4.5 billion in expenditure.
The report is described by LSE as an attempt to fill the gap in knowledge about the impact of holiday rentals on local economies and their contribution to national tourism.
It shows the results of LSE London’s research into how holiday rentals affect national and local economies, both directly and indirectly, and provides an initial rough quantification of their contribution. The research was commissioned by online holiday rental marketplace HomeAway. Much of the research was UK-based but it also focused on the impact of holiday rentals in three specific areas: London, Cornwall and North Yorkshire.
The study suggests that the holiday rental sector plays a growing role in the UK’s wider tourism economy and that its direct and indirect economic impact is large in some areas. Owners of holiday rental properties in the UK received gross income of around £950 million in 2014 and spent about half that amount on expenses related to the property, including £120 million employing staff, creating about 6,000 jobs. They paid approximately £100 million in tax on their holiday-rental businesses. Property owners in London earn an estimated £225 million a year (around a quarter of the total), while the estimated gross annual income in Cornwall (£50 million) and in North Yorkshire (£30 million) is much smaller.
The report found that the gross economic impact of the sector included more than £4.5 billion in total expenditure (including £450 million spent by holiday rental property owners, as well as the expenditure of holiday rental clients), about 100,000 FTE jobs supported, and £100 million in tax revenue. Additionally, expenditure by tourists staying in self catering accommodation grew faster than expenditure by tourists booking any other accommodation category.
To read the full report click here.
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