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Holiday homes boost to UK economy
Holidaymakers renting private accommodation spend more than £4.35 billion a year in the UK, creating over 95,000 nationwide, according to the first comprehensive study measuring the economic impact of the holiday rentals sector in the UK market.
The report, which was commissioned by holiday rentals website HomeAway and compiled by the London School of Economics, found that spend by tourists staying in self-catering accommodation grew faster than spend by tourists booking any other type of accommodation.
The net additional expenditure by guests staying in holiday homes was put at up to £2.2 billion a year, more than net additional spend by guests staying in hotels or B&Bs.
It also found the holiday rental industry contributes an estimated £100 million in tax revenue to the UK Government and the estimated gross income of all holiday rental owners in the UK is £950 million.
However, it admitted that the figures were only estimates as there are no official statistics for the number of holiday homes in the UK or the amount of revenue earned or tax generated.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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