An Independent Review on the Role and Value of Serviced Apartments in the UK

The report titled "An Independent Review on the Role and Value of Serviced Apartments in the UK" reveals that there are over 56,700 serviced apartments across the country. Approximately half of these (28,566) are branded, with ASAP members accounting for 41% of that figure.

England dominates the market, representing 87% of all serviced apartments in the UK, while Scotland holds 9%. Wales and Northern Ireland have yet to establish a significant presence, with only 3% and 1%, respectively.

In terms of usage, 71% of properties fall under the C1 use class, 26% under C3, and the remaining 3% are classified as sui generis operations.

Economically, professionally-managed serviced apartments generated £1.2 billion in turnover in 2022. When including single-key operators, the overall market value of the sector reaches £1.7 billion.

Business travelers make up the largest segment of clientele at 45%, followed by tourists at 27%, and professionals relocating to the UK at 23%. The sector serves both domestic guests (59%) and international visitors (41%).