Travel agents have reported a flurry of people booking breaks to holiday spots that were expected to be on the “green list” of countries.
As a result, the demand for flights has soared ahead whilst British holidaymakers wait in anticipation.
TUI have also said they are going to more than halve the price of a COVID test to increase the summer bookings.
What does this mean for Brits wanting to holiday abroad?
The prices they would have usually paid have most likely more than doubled in price. According to Evening Standard, Ryanair were charging £152 for a flight from Stansted to Lisbon, compared with £15 the day before restrictions lift.
What does this mean for Brits wanting to holiday at home?
Staycations have become a hot topic and holidaymakers have found a new appreciation for the British countryside.
According to research team Mitel from an article in the Sun, domestic holidays are expected to hit a 10-year high, with Brits to spend more than £7bn.
Sykes Holiday Cottage bookings were up 150 percent year-on-year. Away Resorts saw bookings up 243 percent compared to last year.
What opportunity does this present for UK farms?
Due to the increased demand in staycations and the increased price to go abroad, this presents the perfect opportunity to diversify farm activities to holiday lettings.
How to fund holiday lettings diversification
Rather than eating into your cash, utilise your businesses assets and choose to refinance.
Don’t forget to look outside just the machinery and equipment you use and consider renewable energy technologies you have on the farm such as a wind turbine to refinance.
Refinancing allows you to release the capital you need against the assets you own and the finance can be used for any legitimate business purpose.
At Amplo, are always happy to have a discussion about diversification ideas. Call us on 01270 443510 or head over to our Contact Us page.