Holiday home income

Top locations for income for the Lake District

We have picked out the top five destinations in the Lake District for holidays and given a general income figure, based on the type of property and its location.

Average house price for properties in top Lake District destinations

To help you find the most affordable option for a holiday home purchase, we have given average guide prices for different locations.

When looking at the figure on Rightmove for 2022, there were a few property price changes that stood out and indicated an increased demand for houses in the Lakes.

Windermere, for example, property prices rose by around 10% in 2022. Keswick, widely acknowledged as the ‘Queen of the Lakes’, saw the same with a 10% increase in the past year. If you go back a few years prior you’ll see an even greater jump, with places such as Grasmere seeing a 67% rise in house prices since 2019.

Average income by property size

If we remove location out of the equation, you can get a good idea of income by property size purely based on property size and property type.

1-bedroom holiday homes £20k

1-bedroom glamping sites £20.4k

2-bedroom holiday homes £27k

2-bedroom glamping sites £21.6k

3-bedroom properties £34k

Accommodation type – choose the right one to suit you

This will of course come down to personal preference and depend on your circumstances. You are also likely to already have an idea of what type of place would meet your needs, such as number of bedrooms and living space.

If you’re making a lifestyle investment that is more about the joy you’d get out of the house rather than being reliant on the income, practical considerations might be less of a concern. With this in mind, rural properties, slightly more tucked away, might be what you’re looking for. They may not get the higher occupancy levels you’d expect to see in the honeypot destinations, but you will get more house for your money and a lovely place to call your own.

For others, the income may take greater precedence in the decision making process. If this is the case, then opting for a property in a popular holiday destination is your best bet.

This does lead us to our next question

What should you look for in a property?

Location: Outskirts of Cockermouth

Holiday cottage or apartment?

There’s no doubt that both have their merits. So, to help you decide what might be best for you, we’ve looked at the benefits of both.

Benefits of cottages and detached properties vs apartments, at a glance:

- Can be more characterful providing ‘kerb’ appeal online - Greater potential for enhanced outdoors spaces - Greater freedom with private grounds – appealing to dog owners - Less limitations on parking - Freehold purchase rather than shared spaces and annual fees - Greater flexibility for property makeovers - Less chance of intrusive developments impacting views/appeal

Key things to look for when buying a cottage or detached holiday property:

- Is it close to a lake or walking/cycling routes? - Are there dog-friendly walks nearby? - Is there a pub within walking distance? - Does the property have privacy and a garden/ grounds that would appeal to guests? - Does the property have private parking? - Is the property suited to pet owners? - Are there other local amenities nearby, such as a village shop? - Does the property have potential for capital growth? - Is the property ready to rent or does it need work? - Does the property have potential to be turned from the humdrum into an uber-cool, ultra desirable holiday home escape? - Are there attractions nearby that will appeal to visitors and their families?

Whatever your personal preference, be that a period property, a doer-upper, or a ready to rent chic contemporary property, our team of experts can guide you on every aspect of the purchasing and makeover process. We’ll give you all you need to make the right decision both for you and for your pocket, helping to maximise income, while creating a stand-out property for you and your guests to enjoy.

What about developments?

They tend to have one main advantage over individual holiday homes, and that is location.

Developments are typically situated in stunning locations with outstanding views. And they have to be, quite simply because they have to compete in a very different way to the like of grand houses or cute cottages.

Benefits of developments versus cottages at a glance:

- Low maintenance - Built for purpose - Shared facilities - Located in or near popular holiday destinations - Developer deals to be done - Potential for positive capital appreciation

What to look for in established developments:

- Does the apartment have an established income? - Is the apartment in need of a makeover? - Is refurbishment permissible under the terms of the purchase? - Does the apartment have NHBC certificates giving additional protection against structural faults? - Is the development architecturally appealing?

Why buy a new development?

- New developments tend to be situated in locations with stunning views and often close to a popular location - Apartments in new developments tend to be low maintenance - New developments typically come with parking - High specification facilities often include heated pools, gyms, hot tubs - If you purchase more than one apartment or property, developers may be open to reducing the asking price, and to including furniture as part of the deal - New developments often have apartments with stunning floor-to-ceiling bi-folds, or penthouses with furnished balconies, private hot tubs and exceptional lake or hill/countryside views