The Prague Post - Retired Man Loses Money on Holiday Home as Market Stalls

Peter Stevens, a 78-year-old retired communications professional living in Derbyshire, has spent the last 18 months attempting to sell his Grade II-listed two-bedroom holiday apartment in Higher Clovelly, North Devon. Despite reducing the asking price by £30,000 to £195,000, the property has received no viewings for a year and remains unsold.

The primary obstacle to the sale is the property’s planning consent, which restricts its use to holiday lets. Stevens noted that potential buyers are deterred because purchasing the apartment requires them to already own another home. "Because the planning consent is for ‘holiday use’, it’s proving impossible to sell," Stevens said. "No one seems interested after over a year. To buy it, you have to have another home."

S Stevens purchased the apartment, which is part of a converted farm complex, in 2012 for £165,000 in cash alongside his late wife. He was aware of the holiday let restriction at the time of purchase. The couple initially used the property for family holidays while their children were younger. After his wife died unexpectedly eight years ago, Stevens continued to visit with friends and his adult children.

Three years ago, he began listing the apartment through a holiday letting agency. While the rental activity generates gross income between £10,000 and £12,000 annually, Stevens reports that net profits are negligible or negative due to high operational costs. Last year alone, the property incurred a loss of £1,500.

The expenses associated with maintaining the share-of-freehold property include £1,800 for LPG heating, £500 for electricity, £400 for water, and £850 for waste disposal, sewage charges, and the upkeep of 2.5 acres of communal garden. Additional costs include £400 for a private gardener and fees paid to the letting agency for housekeeping and linen services. Stevens also pays business rates, which are currently discounted at 100 percent due to his status as a small business, though he expressed uncertainty about how long this relief will last.

S Stevens accepted an offer of £205,000 in November 2025, but the buyer withdrew for personal reasons. He subsequently reduced the price by £30,000 three months prior to his current situation. "The estate agent says, ‘because it’s a holiday let, it is a difficult market,’" Stevens said. "There is no getting away from it, it’s on its knees."

He is not alone in facing these challenges. A couple living opposite him has been trying to sell their three-bedroom apartment for two years without success. Their property is listed at £245,000. The complex contains 12 holiday lets and only three permanent residences.

S Stevens is now exploring the possibility of obtaining a "change of use" permission from Torridge District Council to convert the apartment into residential accommodation. This would allow him to sell the property to local families rather than second-home buyers. However, the process is complex. The council requires evidence that there is no demand for holiday properties in the area.

S Stevens hopes that the lack of viewings over the past year will serve as sufficient proof. "It is possible that I might get turned down," he said. "I’ve not had experience of Torridge Council before, so I don’t know."

He argues that the current planning rules are unfair given the housing crisis. "At a time when many families are desperate for a home, surely a simple change in the planning rules would allow me to sell it to someone who wants to live there full time," he said. He noted that some neighbors in the complex do not have holiday restrictions and live there permanently.

S Stevens estimates that if the change of use is granted, the property’s value would remain around £200,000. He highlighted that the majority of homes in the farm complex are unoccupied for six to eight months each year. "I’m here now [in November] and mine is the only place with someone in it," he said.

He questioned the stance of government officials regarding empty properties. "It would be interesting to see what the Housing Minister would feel about hundreds of similar homes lying empty for many months every year while local families can’t find somewhere affordable to live," Stevens said.

S Stevens, who inherited the funds for his initial purchase from his and his wife’s parents, emphasized that he is not wealthy. "I accept that I am fortunate to have been able to do this, but it was the result of an inheritance... I’m not a wealthy man and I know that lots of people don’t have a single house, let alone a holiday home," he said.

With his children grown and his own age advancing, Stevens is determined to move on. He plans to continue marketing the property while simultaneously pursuing the planning permission change. "I’m now in my 70s and my kids have grown up so it’s not the same house it used to be," he said. "I want to move on."

The situation reflects broader tensions in the UK property market, where high interest rates and economic uncertainty have cooled demand for second homes. Additionally, recent budget announcements regarding tax changes for rental income may further impact the profitability of holiday lets. Stevens noted that any profit made is taxed, with rates potentially increasing by 4 percent following this year’s Budget.

Despite the financial strain and the difficulty in finding a buyer, Stevens remains hopeful that the planning application will succeed. He believes that converting the property to residential use would benefit the local community by providing housing for those who need it, rather than leaving it empty for part of the year.

J.Simacek--TPP