Wednesday, April 10, 2024
A recent study conducted by Wealth of Geeks has unveiled the prime UK locations yielding the highest profits through holiday rentals.
By analyzing the volume of nights booked on platforms such as Airbnb, Booking.com, and Expedia Group during the period from July 1st to September 30th, 2023, experts have computed the revenue generated by each locale.
Total revenue is determined by multiplying the number of nights booked by the respective nightly rates for rooms, houses, or apartments on Airbnb.
The study utilized the most current nightly rental rates sourced from Airbnb across 388 locations in the UK to ascertain the median rental prices for each region and property type.
Here are the most lucrative UK hotspots for holiday rentals:
| Rank | Location | Nights | Median price per night (room) | Median price per night (house) | Median price per night (apartment) | Location revenue (nights x price per night) |
|---|---|---|---|---|---|---|
| 1 | Cornwall | 476,910 | £84 | £117 | £113 | £40,060,440 |
| 2 | Westminster | 304,790 | £113 | £435 | £147 | £34,441,270 |
| 3 | Camden | 172,500 | £123 | £140 | £156 | £21,217,500 |
| 4 | Hackney | 101,140 | £202 | £204 | £127 | £20,430,280 |
| 5 | Kensington and Chelsea | 167,770 | £113 | £115 | £145 | £18,874,125 |
| 6 | Brighton and Hove | 134,010 | £100 | £100 | £128 | £13,401,000 |
| 7 | Islington | 108,250 | £117 | £255 | £173 | £12,665,250 |
| 8 | Southwark | 104,290 | £112 | £116 | £131 | £11,680,480 |
| 9 | Tower Hamlets | 161,000 | £73 | £166 | £169 | £11,672,500 |
| 10 | Lambeth | 98,430 | £113 | £440 | £136 | £11,122,590 |
According to the data, Cornwall emerges as the most profitable destination for holiday rentals, raking in an average of £40,060,440 during the summer of 2023.
With nightly rates averaging at £84 for a room, £117 for a house, and £113 for an apartment, Cornwall experienced a substantial 476,910 nights booked from July to September 2023.
Despite a local population of approximately 565,968, Cornwall saw a significant influx of holidaymakers, tripling its usual numbers last summer.
Following Cornwall, Westminster secures the second spot, generating an average of £34,441,270 over the three-month summer period in 2023.
With nightly rates averaging £113 for a room, £147 for an apartment, and a staggering £435 for a house, Westminster saw 304,790 nights booked last summer.
Camden clinches the third position in terms of profitability, with 172,500 nights booked, resulting in an average revenue of £21,217,500 over the summer of 2023.
With nightly rates averaging £123 for a room, £156 for an apartment, and £140 for a house, Camden remains a lucrative destination for holiday rentals.
Hackney follows closely behind, securing the fourth spot in terms of profit from holiday rentals, with a total revenue of £20,430,280 between July and September 2023.
With 101,140 nights booked, Airbnb listings in Hackney commanded £123 per night for a room, £140 for a house, and £156 for an apartment.
Kensington and Chelsea also feature among the top five, boasting 167,770 nights booked last summer. With an average room rate of £113 per night, an apartment at £145, and a house at £156, Kensington and Chelsea generated an average revenue of £18,874,125.
Completing the list of the top ten most profitable locations are Brighton and Hove, Islington, Southwark, Tower Hamlets, and Lambeth.
A spokesperson from Wealth of Geeks has provided insights on the findings of the study.
Wednesday, April 10, 2024
Wednesday, April 10, 2024
Wednesday, April 10, 2024
Tuesday, April 9, 2024
