UK Summer 2023: A Glimpse into the Real Estate and Tourism Landscape

 

  • Increased UK Holiday Demand: A remarkable 50% surge in demand for UK holidays has been observed since the pandemic, reflecting the preference for closer-to-home getaways.

  • Near-Pre-Pandemic Tourism Levels: London welcomed nearly as many overseas tourists in the summer of 2023 as it did in 2019, with 5.3 million foreign visitors. 

  • North American Visitors: The influx of North American visitors in the UK surpassed 2019 figures, with the US being particularly attracted to London's royal family and iconic landmarks.

The post-pandemic world has ushered in a new era of vacationing, and owners of holiday properties are adapting to meet the evolving needs of travellers. Here's a look at what's been unfolding this season, supported by data from KeyNest key movements, the "Holiday Letting Outlook Report 2023" by Sykes Holiday Cottages and the Office for National Statistics (ONS).

Growth in key movements in KeyNest Points Network, summer 2023 compared with summer 2022

The UK: Changing Landscape for Short-Term Rental Property Owners

Owners of holiday rentals across the UK have reported significant changes in 2023 traveller behaviour. According to the Sykes Holiday Cottages report, a staggering 50% of property owners have witnessed an increased demand for UK holidays since the pandemic. This surge in domestic tourism reflects a desire for closer-to-home getaways and a renewed appreciation for the natural beauty and cultural treasures of the UK.

Furthermore, 27% of property owners noted that holidaymakers are now more likely to rebook properties, indicating a sense of loyalty and satisfaction with their rental experiences. This trend is a testament to the quality and service provided by property owners.

Source: KeyNest key movements, June-August 2022-2023

KeyNest, a provider of remote check-in service, saw a major uptick of short-term rental check-ins in Manchester and London this summer - with numbers doubling those seen last year between June and August.

Events like Wimbledon Lawn Tennis Championships, BST Hyde Park concert and 4 nights of Harry Styles sold-out concerts in June and 5-nights of Beyonce’s shows in the same month all saw visible spikes in short-term rental demand this summer.

Features That Maximise Income


To make the most of this evolving landscape, property owners have been capitalising on various features that attract travellers.

  • Hot Tubs: Properties equipped with hot tubs have been earning 37% more in revenue. The appeal of relaxation and luxury seems to be drawing in travellers seeking a touch of indulgence in their holidays.

  • Pet-Friendliness: Being pet-friendly gives a chance to boost earnings by 31%, attracting those who consider their furry companions as integral members of the family.

(source: Holiday Letting Outlook Report 2023" by Sykes Holiday Cottages)


London's Summer Revival


Turning our attention to the capital, there's exciting news regarding tourism. The number of overseas tourists in London in the summer of 2023 has almost returned to pre-pandemic levels. According to data from the Office for National Statistics (ONS), 5.3 million foreign visitors graced the city in the three months leading up to June, with only a minor difference from the 2019 numbers.


Remarkably, tourist spending reached a record £4.3 billion for this quarter, emphasising London's unwavering appeal.

A significant portion of these visitors is in London for leisure rather than work. The star attraction for North American visitors is noteworthy, surpassing the influx of 2019. 


In conclusion, summer 2023 has unveiled a reimagined landscape for both property owners and tourists. Travellers are flocking to holiday rentals with renewed enthusiasm and an appetite for unique experiences. The key for property owners is to adapt to these shifting dynamics, offering the features and experiences that resonate with this new breed of travellers.



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