Now, let’s get down to the stats…
According to figures from Defra (the Department for Environment, Food and Rural Affairs), 68% of England’s farms have diversified in some way. That’s over half.
As mentioned in our previous Farm Diversification blog, the total income from diversified activities on farms in 2015/16 was £580 million, which increased by 8 percent in 2016/17, where it reached £620 million. Now jump a few years to 2019/2020 and the income for diversification activities has increased to £734m – that’s an average additional income of more than £19,000 per farm! The latest figures show an increase to £749 million for 2020/2021.
So, eyeing up the math… it looks like the total income from diversified activities is going to keep on going up and up and we should “Expect a boom in the provision of farm accommodation and hospitality in the coming months and years, as farmers offer the public an alternative to traveling overseas.”- Chris Walsh, NFU Mutual farm specialist.
Over the last few years, glamping has revolutionised the staycation holiday and one of the main ways diversification can achieve a quick return on investment.
With places rapidly being booked up for another staycation year and income from diversified activities going up, could now be the time to invest in a structure to rent out for the next season of eager staycationers?