One of the defining characteristics of British society is that we are a nation (or four nations) of homeowners. The same emphasis on owning the dwelling in which you live in not shared in all parts of Europe, most notably in Germany, where there is no stigma attached to renting a home for your whole life. In the UK, on the other hand, many people consider it important to be on the property ladder by the time they are thirty years old. The trouble with this system is that many young people - particularly in and around London - cannot afford the huge sums needed for a deposit and are unwilling to borrow five times their salary to buy a small home in an undesirable part of town. Of course, if you were lucky enough to get your foot in the door at the right time, everything is looking rather rosy at the moment. So rosy, in fact, that it is highly likely you have considered moving into letting out a second property and having it earn you 'money for nothing' as Mark Knopfler might say.

There is a high demand for serviced apartments all over the UK, and particularly for apartments in London. If you have the available capital to invest in a rental property, this can be a highly rewarding way of leasing it out. While you will have to pay a higher percentage to the agent in charge of finding residents, the daily or weekly rent they pay on the property is likely to be significantly higher than during a longer tenancy. If the property is in a good state and well-located, there is every chance that it will be inhabited for the majority of the year, thus providing you with a decent income for minimal work.

If you own a serviced apartment outside of your own town, there is another upside to bringing in short-term tenants. While your Manchester apartments or Edinburgh apartments may be full for the majority of the year, you are quite within your rights to demand that a block be left unallocated if you wish to spend any time in your properties. A good example would be during the Edinburgh festival, when it is extremely difficult to find a place to stay in the city. You would have the choice of charging a huge rent or living in the apartment for yourself and enjoying the festivities from a prime location.

Housing which is more expensive to buy naturally accrues higher rents. Accordingly, Reading apartments are likely to bring in a higher revenue than Glasgow apartments because it is significantly more expensive to buy or rent property in the South East than in Scotland's second city.

If you are considering leasing out a property as a serviced apartment, it should be in great condition and generally needs to be in a desirable area.