The Operator Sentiment Tracker Survey (November 2016) conducted jointly by the Association of Serviced Apartment Providers (ASAP) and Savills has found out that serviced apartment operators in the UK are optimistic about their business in 2017, as the year comes to a close.
Almost 30% of the respondents reported they are accelerating their expansion plans (compared to 13.3 per cent in August) while the majority (60 per cent) confirmed they were making no change to their existing plans, the survey revealed. This is a major relief for the UK property market, which was marred by speculations of poor outlook in the wake of Brexit.
The finding should also provide relief to landlords, who have tied up with leading operators, to manage their buy-to-let properties for short lets and serviced apartments.
Incidentally, the survey finding is an improvement on what was reported in the August survey with 30 per cent of operators in November stating that they expect their year-end occupancy to be up on 2015, in the August survey it was 20 per cent.
Also, the improvement in sentiment of the operators is marked when it comes to the year-end outlook with 35 per cent of respondents expecting that year-end demand from the corporate market to be up on 2015, an increase on the 26.7 per cent reported in August.
Overall operators are more optimistic about their business prospects for the next 12 months than they were in August