🏠 What does Key Data’s latest report tell us about the status of the UK FHL scene?

👋 Welcome to the 50+ new subscribers who have joined over the last week. I hope you find our newsletter both informative and at-least partially entertaining! 🎉

Another big news week from the Government. We have tried our best to summarise the latest budget announcements below to hopefully provide a balanced view.

Although it has taken some time to create, I have also provided a summary of the latest quarterly report from Key Data in an easy to read infographic below. Is this sort of information useful to you? Hit reply and let me know your thoughts.

See you next Saturday at 5pm?

Phil

Founder, My Holiday Guide

IN THE NEWS

This weeks budget provided some headlines for the Abolition of Furnished Holiday Lettings tax regime in the governments efforts to make more housing available to locals. Although there is a lot of detail yet to be released (or determined!). In summary what has been announced:

• Abolishment of FHL allowances and tax breaks, meaning short-term and long-term lets will be treated the same for tax purposes

• If you choose to sell your property, the higher rate of tax on profits has been cut to 24% from 28% (effective from 6 April 2024)

• The changes won’t impact you if you manage your properties through a limited company (we think!)

• New rules come into effect April 2025

The announced changes are giving many owners food for thought, however there is also a general view to sit tight and see what the final legislation will look like.

From all of the press coverage I have seen, the below article from The Guardian provides a reasonably balanced view and explanation.

Here’s a straw poll of owners’ initial views following the budget announcement.

Key Data have started to provide a quarterly review of rental trends. The infographic below provide a quick summary of some of their data analysis. Follow the link above to see the full report.

We have listed out a number of the dynamic pricing providers within our directory.

Other news

• Airbnb have committed to complete their verification process for 1.5 million listings across US, Canada, Australia, UK, and France by the end of March. They are also rolling out photo and video authentication

• The UK Short Term Accommodation Association (STAA) has appointed a new chair and vice-chair. Fiona MacConnacher has been appointed chair whilst Leo Walton has been appointed as vice-chair

• Stay in St Paul’s Cathedral ‘secret’ library for just £7 a night - For one night only. Booking opens 12th March

• The European Parliament has approved an agreement on data collection and sharing for short-term rentals, requiring platforms to transmit activity data to public authorities

• Monta (an EV charging software solution) have released their ‘Monta Hub’ which is aimed at providing a ‘command centre’ for owners

• The Office for National Statistics (ONS) has recently released the first data from the new information sharing requirements from OTA providers (Airbnb, Booking.com and Expedia Group). We will take a deeper dive into this data in a later newsletter. The below chart provides one snapshot from the data released

LISTING PERFORMANCE & GROWTH
Tips and strategies to enhance the visibility and attractiveness of your holiday let.

Given the amount of big news over the last couple of weeks, in this weeks newsletter growth section I have provided you with a bit of a lighter theme.

Within our resources directory we already have a list of welcome packs and hamper providers that offer a range of options from budget friendly to luxury, but we also know that adding a personal touch and providing more local produce is an increasing trend.

Providing a branded tote bag can be a good way of providing a free take-away for your guests whilst also offering owners a free marketing opportunity.

Find out how other property owners use branded tote bags and discover recommended online shops to buy them for your property.

FEATURED RESOURCE
Highlighting useful tools and resources for your holiday let

If you are on the lookout for some additional support in growing your holiday let business, I recently came across Lisa who provides a coaching service through her Holiday Property Coach business.

Lisa has founded and grown her own full-service holiday letting business so can speak from personal experience.

Click on the link below to learn more about Lisa and the services she provides. Do mention me - Phil from My Holiday Guide if you contact Lisa.

SAVINGS
Here's a quick round up of discounts and deals we are aware of from providers to the holiday let industry.

• Ethical Bedding have 20% off when you spend £60 or more with the discount code MOTHER. Valid until midnight on the 10th

• Dunelm have up to 50% off selected items. Valid until 25th of March

• Ethical Superstore have up to 15% off Ecoleaf products

• Emma Mattresses have up to 40% off selected items

INTERIOR DESIGN
Interior design inspiration and decor tips.

PROPERTIES OF THE NEWSLETTER
We all love looking at and getting inspiration from other properties so here’s our top pick for this edition.

FUN FACTS

Do you have a fear for long words? Did you know that if you have this condition it is called Hippopotomonstrosesquippedaliophobia! Ironic isn’t it!

NO FOMO
Missed last weeks newsletter? Here’s one thing you might like.

If you missed catching last weeks newsletter we highlighted a number of options for how to share bookings with your cleaner.

You can checkout the full article below.

SHARE AWAY
Do you find our newsletter useful? Feel free to forward it to your host friends so they can benefit too.

If a friend sent you our newsletter, you are welcome to subscribe to not miss next weeks edition.