House prices rising in UK's staycation hotspots
With travel restrictions from the UK changing by the day, a lot of Brits are looking to spend their summer holidays within the UK this year and seeing 'staycations’ become even more popular.
All this means that UK holiday destinations are preparing for a boost this year, and with house prices in some of Britain’s holiday hot spots rising an average of £13,586 since last summer, some may find themselves winning on two fronts – with summer escapes on their doorstep - and an increase in the value of their home.
Mid Glamorgan, where the medieval castle at Caerphilly can be visited, alongside the magnificent beaches of the Vale of Glamorgan, has seen house prices rise, on average, by almost £20,000 (£18,407) to £165,839 over the past year. With an average hotel cost of £777, holidaying in this part of South Wales, is over £1000 cheaper than a week’s stay in Europe, at £1,944.
Cornwall, already one of the UK’s most popular holiday destinations, has seen prices rise by an average £13,651, to £256,379. Whilst a week’s stay exploring the beautiful Cornish countryside is more expensive than its Welsh counterpart, setting a family of four back £1150, it still comes in cheaper than the European equivalent.
Homes in another spectacular summer ‘staycation’ location, the Isle of Wight, will now set buyers back by an average of £255,897, having grown by £17, 329 over the past year. A week-long stay enjoying the marshes, cliffs, and beaches, will cost around £1313 at one of the island’s hotels, again cheaper than options on the continent.
With an average of just £558 for a family of four to stay for a week, British holiday-makers looking for adventure in the west of Scotland may want to keep Renfrewshire in mind. With some journey times from Glasgow under 30 minutes, adventure seekers will find lots of activities to keep them busy during the summer months, including walking and cycling trails, several country parks, and water-sports at Castle Semple Loch. House prices in Renfrewshire have risen by £16, 575 to £166,636, over the past year.
Welsh wonders and captivating Cumbria
In Wales, a country dense with beauty spots, national parks and historical attractions, house prices have risen within walking distance of some of the most popular tourist regions. Gwynedd, home to Wales’ highest peak, and climber’s delight, Mount Snowdon, has seen a house price hike of 11% over the past year, to £201,122. For those in the region looking to sell, this £20,000 (£19,152) average rise, would go far if re-invested in time away at the beautiful seaside town of Barmouth, a perfect location for a family beach break.
Other UK holiday destinations, well-known for their scenic vistas, such as Cumbria, North Yorkshire and Dorset – and its Jurassic Coast along the English Channel - have also seen healthy house price rises over the past year. Residents of Cumbria have experienced growth of £13,260, to £193,812; North Yorkshire prices have increased by £10,951 to £256,893; with Dorset slightly lower at £10,059 to £306,642.
Whilst a week’s stay in Europe will set a family of four back by £1944, a trip further afield to Florida costs considerably more, at £3181.
Russell Galley, Managing Director, Halifax, said: "The summer holidays are upon us and many Brits would usually be anticipating a summer break abroad. Recent events may mean plans have changed but, with the easing of lockdown restrictions, the opportunity to travel is an option once more. Our research has found that staying local, and exploring home-grown tourist attractions could make more financial sense, whilst providing the beauty, excitement, and cultural enrichment many of us look for when travelling, as trips to Europe or beyond.”