With rocketing rents across the UK and the cost-of-living crisis showing no signs of abating, new data from leading flatshare site, SpareRoom, reveals that renters are sacrificing summer holidays due to rising costs.
January can be a popular time to book a summer break, with many Brits taking advantage of airline sales and booking a week in the sun to stave off January blues.
However, new data reveals increased living costs are putting a dampener on renters’ holiday plans, with three quarters (75%) saying rising costs have impacted their ability to plan for a summer break.
Almost three in four (72%) renters surveyed said they will be taking fewer holidays in 2024 due to a lack of funds, whilst over two in three (70%) said they will be travelling abroad less due to increased living costs.
Of those who said rising costs have impacted their ability to plan for a summer break, 43% said they may not go on holiday at all.
What’s more, fewer than one in ten (9%) renters say they could currently afford to go on holiday to their dream destination, as costs continue to rise.
94% of renters say they are currently financially affected by increased living costs, and with the average UK room rent at £797 (reaching record highs in 2023), it’s unsurprising that Brits have less disposable income to spend on holidays this year.
Matt Hutchinson, Director at SpareRoom, said, “The past 18 months have been miserable for renters, with the average UK rent rising by 15%. The prospect of a summer holiday has probably never been more appealing, but for many renters, that’s far from a given.
“Ironically, one of the key factors contributing to rising rents is the fact that landlords are leaving the residential market, while the number of holiday lets in the UK has skyrocketed. With an election looming, all parties need to address the current housing crisis, or renters will be looking to move to other countries for cheaper rents, not holidays.”