Homeowners can avoid a downsized cost of living Christmas by renting out their properties whilst they are away this festive season
With the cost of living crisis threatening to downsize people’s plans for Christmas, the UK Short Term Accommodation Association (STAA) suggests that people should consider letting out their homes over the festive season whilst they are away themselves, to help cover the extra costs this year caused by the hike in energy prices and runaway inflation.
The STAA is the trade body that represents the holiday rental industry and helps people to rent out their properties when they are away on holiday or business. Its CEO, Andy Fenner, said, “We all know that Christmas can weigh heavy on the family budget, but this year with 10% inflation and energy prices at record highs, expenditure is likely to be much higher than in previous years. Thousands of people across the country let out their homes for extra cash whilst they are away themselves at Christmas and New Year. If you are going away this festive season, renting out your home could earn you hundreds of pounds to give your festive budget a much needed boost.”
According to the Bank of England, in 2020 the average household spent an extra £740 (29%) in December in the run up to Christmas. Unsurprisingly, spending on food increased by 20% and alcohol by 38%. The average expected spend per head in the UK this Christmas according to Statista ranges from just under £1,000 in the North East to nearly £1,700 in London.
With many people vacating their homes at Christmas to stay with family and friends in other parts of the country or even abroad, renting out their properties whilst they are away could help to keep the family finances on an even keel.
Mr Fenner, added, “Many people who go travel to visit friends and family over the festive season often can’t stay for long because of cramped living conditions or the cost of a hotel. But renting someone else’s home for the winter holiday period is often a viable solution as people love the home comforts, space and amenities they get.
“Professional property management companies like our members can take all of the hassle out of marketing a property and managing bookings. Plus, people who rent out their homes can earn up to £1,000 a year tax-free. Renting out your property this Christmas could make the difference between a downsized and memorable Yuletide.”
According to the STAA, the most common reasons why people like to rent a property close to their families rather than staying together under one roof at Christmas are:
- The lack of personal space because there are too many people in the house
- Inconvenient or uncomfortable sleeping arrangements
- Lack of decent wi-fi
- Family arguments
- Not being able to watch what they want on TV