Since being founded in 2008, Airbnb has risen to become a leading global property platform for short-term lets – and a company currently valued at $25 billion.
The concept is a relatively simple one – those with spare rooms and space in their current lodging can rent this out on a short-term basis to individuals travelling for business or pleasure. This presents the host with extra revenue at no real extra cost or effort, and offers travellers a more unique and personal travelling experience.
People can connect with a wide range of accommodation options via computer or a mobile device, and the ease of use along with variety of hospitality options has resulted in Airbnb amassing a presence in over 191 countries throughout 34,000 cities.
As the popularity of the booking service has grown, many people are now purpose-buying second homes to use exclusively for short-term lets on Airbnb – so could you too benefit from renting out a second home in London?
Why do Airbnb in London?
Figures show that the average host doing Airbnb in the UK can earn over £2,800 by letting a property for 33 days of the year.
In London, a city that welcomed 17.4 million international visitors in 2015, there is the opportunity to take advantage of higher rates that can be charged for accommodation. Using the Airbnb host tool, you can see just how much you could expect to receive on a weekly basis for letting out a shared room, private room, or a full property. For the latter, you could charge a weekly average of £546 (July 2016), while in really desirable areas of London such as Mayfair, you can charge upwards of £601 per week.
Over 13,000 listings emerged in London upon Airbnb becoming legal in March 2015, and of these listings, more than 6,600 were for full properties. This figure has since doubled, meaning investors and homeowners alike are becoming attuned to the potential that Airbnb provides.
