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Britain’s summer staycations increase value of Isle of Wight homes

As the global Covid-19 pandemic means many Brits may be hesitant to travel abroad, ‘staycations’ are set to become even more popular.

UK holiday destinations are preparing for a boost this year, and with house prices in some of Britain’s holiday hot spots rising an average of £13,586 since last summer, some may find themselves winning on two fronts – with summer escapes on their doorstep –  and an increase in the value of their home.

Mid Glamorgan, where the medieval castle at Caerphilly can be visited, alongside the magnificent beaches of the Vale of Glamorgan, has seen house prices rise, on average, by almost £20,000 (£18,407) to £165,839 over the past year.  With an average hotel cost of £777, holidaying in this part of south Wales, is over £1000 cheaper than a week’s stay in Europe, at £1,944.

Cornwall, already one of the UK’s most popular holiday destinations, has seen prices rise by an average £13,651, to £256,379.  Whilst a week’s stay exploring the beautiful Cornish countryside is more expensive than its Welsh counterpart, setting a family of four back £1150, it still comes in cheaper than the European equivalent.

Homes in another spectacular summer ‘staycation’ location, the Isle of Wight, will now set buyers back by an average of £255,897, having grown by £17,329 over the past year.  A week-long stay enjoying the marshes, cliffs, and beaches, will cost around £1,313 at one of the Island’s hotels, again cheaper than options on the continent.

Russell Galley, Managing Director, Halifax, said: ‘The summer holidays are upon us and many Brits would usually be anticipating a summer break abroad. Recent events may mean plans have changed but, with the easing of lockdown restrictions, the opportunity to travel is an option once more.  Our research has found that staying local, and exploring home-grown tourist attractions could make more financial sense, whilst providing the beauty, excitement, and cultural enrichment many of us look for when travelling, as trips to Europe or beyond.”

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