UK SERVICED APARTMENTS - GOOD GROWTH IN 2011
Final full-year figures for 2011 just released for the Association of Serviced Apartment Providers (ASAP) confirm that the sector continues to perform well in spite of the overall challenging economic climate.
The average net weekly rental figure for London at £945 was 4 percentage points up on 2010, although overall occupancy was slightly lower at 84%, down 5 percentage points on the previous year.
Encouragingly the results for the sector’s performance in the rest of the UK showed a 2 percentage point increase in overall occupancy at 78%, and a 3 percentage point increase in the net weekly rental figure which climbed to £611.
David Smith, Chairman of the ASAP and Director of City Apartments comments:
‘Last year was one of the most exciting years for our sector in terms of growth, stock and quality. 2012 will be a challenging year as a result of the prevailing economic climate but the serviced apartment industry is in a good position to ride it well by continuing to deliver the best value product in terms of overall cost per stay’.
The Association is consolidating its position as the key representative body for this growing sector in the UK, having doubled its membership in the last 2 years. ASAP’s 50 members collectively represent over 11,000 apartments with representation in every major city in the UK & Ireland.
Further information online – www.theasap.org.uk
