Lifestyle

London homeowners are paying for Christmas by renting out their properties over the festive period

London short let property management specialists City Relay reveal the top 10 London postcodes where homeowners are earning more than the cost of Christmas by renting their property this December.

We’ve analysed booking data to identify which areas of London are most in-demand for short lets over the festive period and are commanding the highest rates per night. The analysis reveals:

– An average nightly rate of £151 for holiday rentals in London this December. With an average length of stay of 6.5 nights producing an average gross income of £981.50 per property

– Homes in SW1 are proving most popular for short lets with an average nightly rate of £257 being achieved this December with gross earnings of £1,670.50

– The central location of WC2 is a close runner-up with an average nightly rate of £243 and a gross profit of £1,579.50

– December is the 4th most popular month of the year based on the volume of room nights booked and the 3rd most popular based on the average rate per night

According to research carried out by debit card company Switch, the average UK household spends £868 at Christmas. By short letting their homes over the festive period, when demand for accommodation in the capital is high, Londoners are offsetting the cost of Christmas while giving visitors a home-away-from-home experience.

In the table attached we’ve stack ranked the top 10 London postcodes based on the average rate per night this December. We’ve applied the average length of stay of 6.5 nights to reveal how much homeowners are earning from renting their properties through Airbnb, Booking.com, VRBO and similar platforms.

Table: Top 10 London postcodes based on holiday rental rates per night December 2019 is attached as an image file

Perhaps unsurprisingly areas in Westminster top the list with their proximity to the shops, museums and attractions that draw crowds to London throughout the year but especially at Christmas when they play host to lots of festive fairs and events.

Locations in the boroughs of Hammersmith & Fulham and Kensington & Chelsea are also proving to be popular choices with easy access to Heathrow Airport and a plethora of sightseeing and shopping options on the doorstep for visitors to London.

The data was compiled using City Relay’s yield management software OutSwitch. OutSwitch enables property managers to control their revenues, channels and operations in one single platform. This streamlined solution is unique within the short let property management space. All properties managed by City Relay and accepting bookings in December were included in the analysis.

City Relay is a property management company that specialises in short lets in London. Founded in 2015, City Relay provides a full end-to-end management service to London homeowners and property investors who want to short let their property. We support more than 350 London homeowners with a comprehensive service that removes the hassle and stress of short letting their property.
Unique to City Relay is our dedicated Reception Spaces where guests can check-in, leave luggage and get local recommendations from our friendly front-of-house team. City Relay is proud to have achieved the highest Trustpilot rating of any short let property management company in London.
https://cityrelay.com/

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