UK: Trade body The Association of Serviced Apartment Providers (ASAP) in collaboration with research company BONARD have launched an independent study on UK serviced apartments.
The report – An Independent Review on the Role and Value of Serviced Apartments in the UK – reveals a market size of more than 56,700 across the country. Around half (28,566) serviced apartments are branded, and ASAP members represented 41 per cent of these.
England accounts for 87 per cent of all serviced apartments in the UK, followed by Scotland (nine per cent). At three per cent and one per cent respectively, Wales and Northern Ireland are yet to develop a sizeable supply.
71 per cent of properties are operated under the C1 use class, 26 per cent under C3, and the remaining three per cent are neither (sui generis operations).
Regarding economic contribution, professionally-run serviced apartments generated a turnover of £1.2 billion in 2022. Including single-key operators, the total market value of the sector extends to £1.7 billion.
Business travellers comprise the largest share of the clientele (45 per cent), followed by tourists (27 per cent), and professionals relocating to the UK (23 per cent). The sector caters to both domestic (59 per cent) and international guests (41 per cent).
Additional details on guest profiles, compliance and regulation, economic impact and more can be read in the full report. Click to download here.
