Holiday-let warning as staycations on the rise

As the number of holidaymakers opting for staycations in the North East soars, property owners looking to cash in on the short-term rental market risk considerable financial losses due to inadequate insurance cover.

By The Newsroom
Monday, 13 August, 2018, 13:42
Seahouses is a popular spot for staycations.

The warning has been issued by specialist insurance broker Lycetts in the light of latest figures from VisitEngland, which reveal a 31 per cent increase in domestic overnight holiday tourism across the North East during 2017.

“The potential returns from short-term lets can be very lucrative, and this recognition, combined with tax reforms that have adversely affected the long-term rental market, has led to an increasing number of accidental holiday let landlords,” said Rupert Wailes-Fairbairn, Newcastle-based Lycetts’ Divisional Director.

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“Holiday let and house-sharing platforms will generally have limited vetting procedures for tenants and the insurance they offer will rarely be comprehensive, with claims made by landlords often proving unsuccessful.”