A Lake District property specialist has given the B&B and guest house sector in Keswick a much-needed confidence booster – amid economic storm clouds gathering ahead of winter.
Haydn Spedding, 73, who was raised in the town and went to Keswick School, reassured serviced accommodation providers that the sector has a firm future with interest from buyers in taking on such businesses “alive and kicking”.
He was commenting as the firm he represents, commercial real estate agents Colliers, announced its latest successful sale – the Woodside Guest House on Penrith Road, Keswick.
It was marketed for offers in the region of £675,000, and is now under new ownership, and will remain as a guest house.
His upbeat remarks also challenge a local narrative which has been established in the town this year – that interest in taking on a B&B or guest houses in Keswick is on the wane – with tourists preferring full-house holiday lets instead.
Mr Spedding insisted: “There are people who still want to stay in B&Bs and guest houses in Keswick and there always will be.
“I started selling property when I was 19 and have seen a lot of boom and bust, and after every boom there’s a crash. But when you look at the Lake District marketplace, Keswick has among the best properties in the tourism sector and that really helps future-proof it.
“Keswick is a place that people will always want to come and buy a business, and a place that people will always want to visit.”
Mr Spedding’s credentials are undeniable having sold property in the Lake District in a career spanning 35 years, from hotels and guest houses, to self-catering properties, pubs and restaurants. Sales of guest house properties this year include those on Southey Street and The Heads.
His message – as he arrived in town for Keswick Tourism Association’s special business forum – comes after confirmation this week that the UK economy contracted 0.3 per cent in August – after growing 0.1 per cent in July.
Nerves were further jangled by more gloom on the financial markets and concerns about a recession, alongside consumer belt-tightening amid fears about this winter’s cost of living crisis.
In Keswick, there have been claims this year of B&Bs and guest houses languishing unsold on the market for months, which has driven a flood of applications to the national park authority seeking planning permission to turn traditional properties into self catering units.
Representatives for applicants have told the LDNPA that the visitor market had changed post-pandemic and suggested B&Bs are losing popularity.
But Mr Spedding said: “I would challenge that.” He explained that, in his experience, he believes patience from those selling their business might be the key.
“A lot of people decide they want to change their property from serviced accommodation to self-catering because it allows them to move on more quickly with their lives,” he said.
“They also know that with the new national park rule, you can change a guest house to self-catering with just a nod from planning.
“All that is happening is that when the market is as hot as it has been, their property may just be taking a little longer to sell.”
In the past 12 months, Mr Spedding has completed more than 20 hotel and guest house sales in the Lake District, and said inquiries about Keswick remain in “high demand from buyers,” with the company appealing for similar properties to bring to the market.
