Second home owners in Norfolk have the opportunity to capitalise on a buoyant market, according to a holiday cottage agency which has one of its bases in Burnham Market.
Family-owned and run business, Norfolk Country Cottages, say that the market generates up to £140m in the north of the county, and £420m across Norfolk. The figures are based on an average income of £12-£15k for a North Norfolk property let out to holidaymakers for up to 30 weeks a year.
The company, which was founded almost 25 years ago and lets more than 450 self-catering cottages across Norfolk, highlights that North Norfolk properties outperform many other staycation destinations – which are typically let for 20 weeks a year between Easter and October – by up to 10 per cent.
Following a recent rush to buy second homes across the county and beat stamp duty rises, Norfolk Country Cottages believes there is the potential for many to maximise their return on investment by letting their properties as self-catering accommodation while the boom in UK breaks continues.
With an estimated 5,000 second homes in the North Norfolk area – 40 per cent of which are owned by Norfolk residents – let for an average of £600 per week over even a conservative 20-week period, the contribution to the region’s economy is around £60m.
Additionally, with the average self-catering holidaymaker spending around £800 per week during their stay, the additional revenue generated for the leisure and tourism industry is estimated at £80m, creating a combined contribution of £140m for North Norfolk. Representing a third of all second homes across the county, this figure could represent as much as £420m when the total number of second homes in Norfolk is calculated.
Self-catering accommodation represents around seven per cent of tourism revenue in Norfolk, and tourism as a whole contributes almost £2.96bn to the local economy and supports almost 60k jobs.
Norfolk Country Cottages general manager Heather McCraith said: “The figures are impressively high and rising. What is interesting is that while there has been a boom in second home ownership this has yet to be realised in an increase in holiday lets. We firmly believe that homeowners can capitalise on the continuing high demand that we are seeing for high quality self-catering accommodation, and we should be the first port of call for those looking for advice on preparing their properties for the market.”