Over 11,000 villa owners in the United Kingdom have changed ownership to villas to take advantage of the surge in demand for stays since the inception of the pandemic.
A new analysis of government figures by real estate adviser Altus Group shows that the number of villas traded as businesses has increased by more than a fifth since the pandemic.
According to data, there are now 67,578 homes in the UK that are classified as villas, compared to 56,102 in March last year.
Restrictions on travel to other countries led to a surge in demand for domestic holidays, especially in 2021.
With record visitors in Cornwall and Devon, nearly 4,000 homes have been turned over in the southwest since the outbreak of the pandemic.
Meanwhile, in the southeast, the number of new holiday retreats also increased significantly, increasing by 27.2%, or 1,458 properties, during the period.
Turning the second property to a holiday helped to secure additional income for the owner during a pandemic, but it could also be beneficial for tax reasons.
The villa is also entitled to a £ 522.23 million ($ 674 million) grant last spring to support the non-essential retail, hospitality, leisure, personal care and accommodation sectors. bottom.
Meanwhile, the third national blockade made an additional £ 256.84 million ($ 355 million) worth of additional grants available in January.
According to Altus, this year’s budget also included additional grants announced to total £ 1.33 billion ($ 1.84 billion) since the first hit of COVID-19.
Robert Hayton, UK President of Altus Group, said: Prices are skyrocketing at hotspots. “
Approximately 96% of UK villas are also subject to SME taxation, so they pay little or no property tax.
However, the government announced in its March budget that it would legislate the strengthening of the UK’s second real estate owner’s tax law.
By Henry Saker-Clark