Data revealed by leading property management company Hostmaker reveals that South Kensington is the most lucrative borough in London for lettings this festive season, with the average property netting owners a staggering gross profit of £8,232 per month.
Covent Garden was also shown to be a lettings hotspot, earning landlords £5,590 monthly whilst Belgravia, Marylebone and Bayswater all made the top 5 for highest earning potential. Interestingly, Camberwell was revealed to yield the lowest income for homeowners with rental figures showing potential landlords could expect to receive a profit of just £1,398 per month.
The most in demand area for short-lets is Camden Town, averaging a rate of £152 a night.
As generational attitudes towards letting properties and indeed the property market in general has shifted, more and more homeowners are using their homes in order to yield additional income over this busy period when properties may otherwise be left sitting empty. This has risen over the past year by around 10%, highlighting how landlords and tenants alike are taking advantage of the growing trend of short-term letting arrangements in the city.
Revealing his thoughts on the newly released data Hostmaker CEO, Nakul Sharma said, “I’m not surprised by the increased demand in landlords looking to let their properties out during the festive period. It’s such a busy time for the lettings market in the city with a surge of tourists visiting the capital.
“The fact that landlords and tenants can both benefit from short term letting options in these lucrative boroughs is great, as it offers a home from home experience for those abroad at Christmas at a competitive rate whilst allowing landlords to earn additional income. A trend that looks set to rise year on year.”