Fractional ownership of second homes in the UK is a growing trend
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As UK domestic tourism continues to boom, the so-called 'staycation' trend is evidence of the huge potential that fractional ownership offers holiday home buyers.
The UK is an endlessly appealing and absorbing place to take a holiday - that's the verdict of those who know it best - those who live here. Research from Barclays Bank¹ shows continuing growth on an undiminished scale with people citing recent positive experiences of UK holidays that increasingly crosses generations.
The growing staycation trend of the last 12 months is increasing interest in second home co-ownership as new schemes have come to the market in the most popular destinations of Cornwall, Devon, the Lake District and Scotland.
Some doubts have been expressed in the past as to whether the fractional concept can develop in the UK, mainly due to the unpredictable weather. Overseas holidays will always offer distinctive cultural experiences but increasingly, the UK is competing on experience and an opportunity exists for developers, owners and agents to tap into the popularity of family holiday experiences.
The concept can significantly open up the opportunity of second home ownership to a huge group of people who aspire to an enhanced lifestyle but who have previously seen it as beyond their financial means.
VisitBritain states that domestic tourism currently accounts for almost 80% of all tourism activity in the UK with £72 billion spent annually by 'staycationers'. Shorter but more frequent breaks are becoming particularly popular with VisitBritain recording 35 million short breaks between July 2018 and July 2019.
The growing staycation trend is evidenced by the significant and growing demand for holiday cottages and lodges, not just in the summer months and school holidays, but, for certain locations, all year. This is particularly the case with popular coastal and estuary locations in the South West and also in the Lake District, the Cotswolds, East Anglia and Scotland. Some of these are based on particular leisure experiences such as golf and country pursuits such as shooting, fishing, riding and walking; but many have been successful simply because of the desire to spend time by the sea with family and friends, whatever the season.
And that can only help the growth of fractional ownership in the UK.
¹ The Great British Staycation - The growing attraction of the UK for domestic holidaymakers (2019)