Cumbria is one of the best places in the UK to own a holiday let, according to a new report.

The Holiday Letting Outlook Report 2024 has been unveiled by Sykes Holiday Cottages.

It has placed the Cumbrian region in second place for annual profit, with £28,200, just beneath the Cotswolds which registers at £28,500.

Compared with the national average of £24,500, these figures certainly stand out, holding considerable promise for holiday let owners in that area.

The report revealed that Sykes's holiday let properties in Cumbria had an eight per cent rise in bookings in 2023 compared to the previous year.

Other profitable locations that made the top five include Dorset at £27,000, Cornwall and the Peak District each at £26,500.

The report, analysing Sykes' revenue data and booking figures, highlights the lucrative potential of holiday letting in the UK.

This comes in conjunction with a survey of holiday let owners to gather their viewpoints on recent regulatory and tax changes and includes expert commentary on the sector's future.

The Mail:

Sykes also commissioned a separate poll involving 500 holiday home owners, which revealed that although 65 per cent of respondents were concerned about the recent modifications in the sector, most were confident about their prospects.

Of these, 86 per cent had not considered leaving the market, with half considering buying more holiday lets despite the changes.

The company's research also indicated an overwhelmingly positive reception from local residents towards tourism.

According to 81 per cent of holiday let owners, locals welcomed it and depended on it to some extent.

While 96 per cent said it was unlikely a local would purchase their holiday let if it ever went up for sale.

Sykes Holiday Cottages' CEO, Graham Donoghue said: “Staycations have been growing in popularity over the past decade and right now demand for our UK holiday cottages in Cumbria is higher than ever, with the average annual income of a holiday let owner up as a result.

"Despite changes, it is clear that holiday letting remains a profitable and rewarding long-term business model, with the nation’s love of holidaying at home and exploring our incredible country going nowhere."