This summer was a scorcher, tourism in Britain is booming and experts are predicting that warmer summers are here to stay. All of this could be very good news indeed for your bank balance, if you’re savvy about it…
The latest annual International Passenger Survey figures, released in July, show a 4% growth in international visitors to London in 2017. That’s a rise from 19.1 million in 2016 to 19.8 million in 2017 and the eight 8th consecutive year the mercury has risen on international visitors to the capital.
This is great news for London homeowners looking to boost their income by listing their property on the holiday homes rental market, since an increasing number of holiday makers are looking for more economical and interesting types of accommodation when travelling, eschewing expensive hotels to stay in real people’s homes where they can enjoy a more authentic experience.
Data released by HomeAway, a global expert in holiday rentals, shows that homes in London can make an average of £195 per night, or £1,361 per week, when rented out to tourists (based on figures recorded from 1 July to 31 August 2017).
The London area that sees the biggest return from holiday rentals is Westminster and the West End, where you can see a return of £235 per night, on average, for renting out your home using HomeAway. The weekly average for the same area is £1,643.
The second most profitable area for holiday home rentals in London is Camden, which drew level with Covent Garden for pulling in an average rental income of £206 per night, and £1,438 per week.
This is closely followed by Kensington & Chelsea, one of London’s most influential boroughs, where holiday home rentals generated an average of £203 per night and £1,418 per week for the period 1 July-31 August 2017.
Put your home to work while you’re away and the possibilities are endless. You could pay for your next holiday, save for the future or even quit your job and become a full-time property manager
Most other central London boroughs generate an average of £150 per night, while outer London boroughs such as Croydon, Harrow and Enfield generate between £85-90 per night, or around £750-£850 per week, which is still a great return for a short-term rental.
Put your home to work while you’re away and the possibilities are endless. What would you do with the money? Pay for your next holiday? Interior design your home? Save for the future? Supplement your income to live a more aspirational lifestyle? Or even quit your job and become a full-time property manager?
So where should you list your holiday home? HomeAway can help you become your own boss by turning your home into a source of additional income that gives you financial flexibility. London is currently in high demand as a destination, and HomeAway’s industry-leading tools and insights offer expert recommendations to help you reach success. The holiday home rental specialist gives you full control of your listing in terms of price, availability and who stays in your property, helping match you with high quality guests.
For extra peace of mind, you can even include a refundable security deposit in the quote, which you can use to cover the cost of any accidental damage to your property. You should always require holiday makers to sign a legal rental agreement before arriving at the property.
List your home to rent with HomeAway – part of Expedia Group, the largest travel platform in the world – and you’ll reach holiday makers in 190 countries across 50-plus dedicated sites. There are also easy-to-use booking tools to help you set up rental rates, manage reservations and collect payment. Start with the online earnings calculator, which uses data from competitors in your area, to see how much your home could be worth on the holiday homes market.
The decision to rent out your property as a holiday rental is a big one, and concerns over safety are natural. But with HomeAway every listing comes with $1m liability protection and 24/7 support.
Traveller and Owner reviews will also let you vet your visitors, online booking and payments keep you in control of who stays and how you get paid. You also get exposure through HomeAway’s expanded network, including Expedia.com, plus a mobile app to keep your business on track while you’re on the go.
So what are you waiting for? Unlock the potential of your property, your most expensive asset, and let other people’s holidays pay for your own!
Find out how to get started at homeaway.co.uk