More business and leisure travellers are booking into serviced apartments for their stay, but why? Clarendon explores the reasons for a serviced apartment boom in London.
Across the UK more travellers are looking to stay in serviced apartments. The latest research from property experts Savills is that not only is demand growing now but it will continue to do so over the coming years. In the UK’s major cities money is increasingly being invested in new stock offering both leisure and business travellers a secure and flexible place to stay as an alternative to hotels.
Savills who predict that demand is set to rise over the next three years, especially in London. Currently there are around 10,500 stock levels in the capital and that is estimated to rise by 16.7%. Central London is outperforming Greater London as well as the wider UK; regional cities are leading in percentage growth terms but London will still dominate in terms of the number of new units with around 1700 new purpose built units expected to be delivered by 2018 in the heart of the capital.
London remains at the centre of the surge. The UK capital remains a prime location for the majority of businesses. Confidence and growth is rising in the region with a record number of start-ups across the UK and many of them in London. This increased investment means higher levels of employment and an increase in demand for places to stay like serviced apartments, hotels and rentals.
Increasingly corporate businesses are realising the distinction between a serviced apartment a hotel, boosting the former’s popularity. Serviced apartments generally offer more space than hotels with more living space, a fully fitted kitchen and bathroom as well as a bedroom; a serviced apartment is usually 30% bigger than a hotel room. For extended stays serviced apartments are usually more cost-effective than a hotel. As well as the difference on the bill the reduced cost is also reflected in expenses; with a fitted kitchen it’s easier for travellers to make their own meals in a serviced apartment rather than relying on restaurants and eating out. There’s a greater flexibility in an apartment, allowing guests to come, go and live as they with added security. Clarendon is also a member of ASAP – the Association of Serviced Apartments – and is part of the new quality assessment scheme ensuring serviced apartments have a basic level of service guests can expect.
As more business travellers recognise the benefits of a serviced apartment demand will continue to rise. This investment in new property portfolios is part of a march to bolster the sector and ensure that there is enough stock to meet that increased demand. Clarendon UK has apartments across south, west and central London as well as in key locations like Canary Wharf and the City. These locations help to attract a wide variety of visitors looking for a place to stay. To find out more go to clarendonlondon.com