Savills & ASAP have launched a new report “Serviced Apartments – forecast to be the UK’s fastest growing hospitality sector”. The report shows that the serviced apartment sector is set to expand faster than any other segment of the UK hospitality market over the next two years.
Apartments still represent a small part of the overall market with current stock totaling approximately 19,000 units or 3.1% of all hospitality accommodation supply.
The report forecasts a growth in supply of 8.4% per annum by the end of 2017 based on known planning consents, outpacing the 6% anticipated for budget hotels and 2.6% average across all hotel types.
Growth over the next 2 years is going to come from the hotspots of Scotland & the Midlands, which are growing at 21.1% and 13.4% respectively.
You can see more details from the report here.