Two key trends during 2024 have been last-minute bookings and shorter stays – and both are mentioned in the latest Holiday Letting Pulse Report from Sykes Holiday Cottages.
According to Sykes, booked lead times have dropped 10% compared to last year, while the average length of stay is 8% lower. On a more positive note, demand for Christmas and New Year breaks is up, with hosts and property managers being encouraged to add a festive touch to their rentals in order to maximise their booking opportunities.
Here are five key takeaways from the October 2024 Holiday Letting Pulse Report:
1. Last-minute bookings are on the rise
The average booking lead time has dropped by 10% compared to last year, reflecting a trend towards last-minute getaways. Since June 2024, lead times have remained below 2023 levels, likely influenced by economic uncertainty. This pattern suggests that travellers may wait longer to book in hope of securing a better rate.
2. Shorter stays – but higher revenue per trip
Despite shorter stays – 8% lower on average compared to last year – owners have seen a slight 3% boost in revenue per holiday. This could mean holidaymakers are willing to spend more per day to enjoy a UK getaway, albeit for a shorter duration. It could also mean that hosts and property managers have increased their prices in 2024.
3. Popular holiday regions
October’s top regions for holiday let bookings were the Peak District, Lake District, and Cotswolds, with the Peak District seeing a notable increase in bookings per property and average booking value. Southern Scotland and the Yorkshire Dales also gained traction, with improved booking value and occupancy rates. However, some regions, like the Scottish Highlands and Islands, faced declines, likely due to reduced seasonal demand.
4. Winter leads are longer, summer leads are shorter
While overall lead times have shrunk, colder months typically see longer lead times, with winter stays booked approximately 60% further in advance than summer ones. Warmer months tend to inspire more spontaneous, shorter-term bookings, which is an opportunity for owners to adjust marketing efforts based on seasonality and predict booking behaviour accordingly.
5. Increased interest in festive season bookings
Christmas and New Year are emerging as peak booking periods, with searches rising by 56% month-on-month. With holidaymakers actively seeking festive getaways, owners may want to consider adding seasonal touches to their listings to appeal to these guests. Decorating for the festive season or adding holiday-friendly amenities could enhance appeal.
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