Prince Harry and Meghan Markle’s upcoming royal wedding has caused a major tourism boost in areas surrounding London and Windsor, as Airbnb reports a staggering increase of 1,438% in bookings.
Properties in Windsor, where the couple is getting married on 19th May 2018, and the surrounding towns, including Slough, Maidenhead and Reading, are currently gold dust to investors, mostly due to the royal wedding, Airbnb believes.
Over 40,000 guests are expected to visit the capital over the royal wedding weekend next month.
James McClure, the General Manager of Airbnb, says:
“The royal wedding has provided a welcome tourism boost, putting the UK in the spotlight again.
“By creating an opportunity to host visitors from near and far, Airbnb is supporting economic investment into small, local communities and also helping locals to make a little extra money from sharing their homes.”
A growing number of buy-to-let landlords is letting their properties as short-term holiday lets, taking them off the long-term lettings market, following the introduction of a host of so-called anti-landlord policies.
The 3% Stamp Duty surcharge, abolishment of the 10% Wear and Tear Allowance and the phasing out of mortgage interest tax relief have prompted concerns that there could be a reduction of long-term private rental properties on the market this year, as landlords look for other ways to boost their income levels, including the use of their properties as short-term holiday lets.
The world’s most successful Airbnb landlord is currently based in London and earns close to £12m a year in rental income, letting more than 880 properties in the capital.
A recent study by Airbnb management company Hostmaker found that buy-to-let landlords looking for an impressive return on investment in the capital through the short-term lets site should look towards east London.
The research identified Newham, Havering and Greenwich as the most profitable London boroughs for Airbnb hosts.
Are you looking to cash in on the royal wedding? Letting properties in the following areas through Airbnb could be a cause for celebration with these impressive rental returns:
- Newham: 6.8%
- Havering: 6.5%
- Greenwich: 5.7%
- Hounslow: 5.7%
- Tower Hamlets: 5.7%
- Southwark: 5.7%
- Lambeth: 5.5%
- Barking and Dagenham: 5.1%
- Kingston upon Thames: 5.0%
- Merton: 4.9%
Written by Rose Jinks