Serviced apartment operators have struggled so far this year as Brits lean towards value-driven holidays, according to new figures.
Data from the Association of Serviced Apartment Providers (ASAP) said the average occupancy level in London was at 77%, with January a slow start at 73%. Prices in the capital have increased 7.7% to £904 for a week, while prices outside of London dropped 1.5% to £589 a week. Apartments outside of London have seen occupancy rates fall to 72%, with January at 64%.
However, ASAP said the situation had picked up in recent months.
“Many of our members had a difficult start to the year but do report that business in April/May has picked up although prospects for quarter three remain uncertain, particularly in London during the Olympic & Paralympic Games,” said David Smith, chairman of ASAP.
The news has come after several tour operators have reported an increase in sales of all-inclusive holidays as consumers look to get the most from their money. However, apartment style accommodation has continued to open up around London in recent weeks.