Buying a holiday home is now 12% more expensive.

The increase is reflected from the last 6 months.

The median purchase price of a vacation home has risen 12% in the past six months according to new data from Hodge.

In October 2020, the average purchase price of a vacation rental mortgage application through Hodge was £ 387,993. That jumped to £ 435,476 in March 2021. A 12% increase in just six months.

Hodge has also seen a 30% jump in vacation mortgage applications in the six months through March 2021, with the median mortgage rising 7% during that time as well.

Previous research by Hodge found that the most popular destination for vacation rental buyers was the Southwest with 39%, followed by Wales with 19% and the Northwest with 12%.

“Not being able to go on vacation abroad has increased the local demand.”

Hodge’s director of business development, Emma Graham, said: “It’s no wonder the popularity of our vacation mortgage products continues to grow at the same rate. The stamp duty holiday has undoubtedly helped generate more interest in second homes, as has the fact that Brits are still unable to vacation abroad and some may be afraid to do so too.”

“In developing our vacation rental proposition, we collaborated with our brokers and found that their clients wanted more control over their vacation homes, so our mortgages allow them to use rental sites like Airbnb. We also found that the owners wanted to enjoy their vacation homes and stay themselves, so allowing them to stay in the property for up to 90 days a year has proven very popular.”

Hodge vacation rental mortgage customers can loan up to 3 vacation rentals with no minimum income requirements. Additionally, under the ‘Hodge Early Repayment Promise’, early repayment charges do not apply if homeowners sell the property and pay off the mortgage in full.

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