August 2024 Holiday Letting Pulse Report

This report dives into the numbers behind the UK holiday let market in August 2024, as the summer holidays reached their peak.

We have analysed key data trends including customer booking behaviours in August compared to previous months and years. We also cover the best performing locations and property sizes across the month.

Understanding the holiday let industry's performance can help you better understand the market, and offers insights on how current owners can get the most from their investment.

For the most up-to-date data and insights into the industry, see the latest Holiday Letting Pulse Report.

Key takeaways

Below are the key findings from our research into the performance of the UK holiday let market in August 2024:

• Consumer behaviours have shifted towards shorter breaks booked at shorter notice

• The average property saw 23% more arrivals in August 2024 compared to 2023

• 58% of Sykes website searches in August 2024 were looking for holidays in either August or September this year

• The average length of stay in August was 5.3 nights. This was -6% compared to August 2023 and -11% compared to the 2024 average

• Cumbria & The Lake District, Dorset and North Wales were the three best performing regions in August

• Three-bedroomed holiday lets were the best performing property size in August

Customer Booking Behaviours in August 2024

It's clear that the behaviours of people booking UK staycations has changed in the last 12-24 months, due to a number of factors. People are booking holidays at much shorter notice, and are looking to go away for a shorter amount of time, rather than a full week. At Sykes, we saw a record-high percentage of short break bookings in August.

See below some stats on how customer trends have moved more towards last-minute, shorter breaks:

Almost 1/4 (23.48%) of Sykes website searches performed in August 2024 were looking for a holiday in the same month

More than 58% of searches were looking for a holiday in August or September 2024.

The average number of days between booking and holiday start date was 16% less in August 2024 compared to 2023

The average length of stay in August was 5.3 nights, which is -6% compared to August 2023, and -11% to the average in 2024 so far.

Despite the length of stay being -6% year-on-year, the average property saw 23% more arrivals in August 2024 than in 2023, which reinforces that shorter breaks are becoming more popular. Some owners are concerned that accepting shorter breaks means that you won't generate as much income as only accepting week-long bookings, however owner revenue per arrival in August was +18% vs last year.

This shift in booking habits looks to be one of the potential effects of the cost-of-living crisis. With holidays being something that the UK public are reluctant to give up completely, people are willing to hold out for the potential of last-minute discounted prices and reduce the length of their stay in order to still enjoy some time away.

The weather is another key reason as to why people are choosing to wait longer to book their staycations, according to a recent Sykes survey. With the increased financial pressures, holidaymakers want to be more certain of the holiday they are paying for, whether that be in rain or shine.

The best performing regions for holiday lets in August

Similarly to results in Sykes' 2024 Staycation Index, Cumbria & the Lake District, Dorset and the Peak District remain in the top five regions for holiday letting in August 2024. They are joined by East Anglia, which is three places higher than in the report based on 2023 data.

The Scottish Highlands & Islands keeps its spot at 6th, while Northumberland and Cornwall are also still among the top 10. North Wales has risen seven places from 10th to 3rd.

The best size for a holiday let in August

Properties with three bedrooms came out on top in August, with two-bedroomed holiday lets coming in very close second and four bedrooms making up the top three.

This trend points towards an uplift in families going away together, both on their own or with another group, during the summer holidays, which may have led to less romantic holidays for two.

While properties with five or more bedrooms earn 136% more per booking than three-bedroomed cottages, they attract less bookings in total due to the high cost and lower frequency of large group holidays.

Methodology

• The 'ranked' charts are calculated using Sykes' internal data from the fiscal month of August 2024 (27th July-23rd August). It takes into account; net occupancy rate (of the time a property is available to be booked, the percentage that is occupied by guests), total number of bookings, average bookings per property and average value per booking.

• 'Booking value' refers to the amount that a property is booked for, prior to any deductions/expenses etc.