Prince Harry and Meghan Markle’s royal wedding has caused a major tourism boost for areas surrounding London and Windsor as illustrated by new Airbnb data revealing that their bookings have increased by 1,438%.
Properties in Windsor where the royal couple are getting married on 19th May and the surrounding towns, including Slough, Maidenhead and Reading, are currently like gold dust thanks to the wedding, according to the online short-term renting platform.
More than 40,000 guests are expected to visit the capital over the royal wedding weekend.
James McClure, General Manager for Airbnb, has said: “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 are letting out their homes as short-term holiday lets, making them no longer available for long-term renting following the introduction of a raft of ‘anti-landlord’ policies.
The introduction of the 3% stamp duty surcharge, the abolishment of the 10% ‘wear and tear’ tax allowance, and the fact that mortgage tax relief is currently being phased out, have prompted concern that there could be a net reduction of long-term private rented properties this year, as landlords look for other ways to boost income levels, including the use of homes as short-term holiday lets.
The world's ‘most successful’ Airbnb landlord is currently based in London and currently makes close to £12m a year in rental income, renting out over 880 properties in the city, according to AirDNA.
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 Airbnb stays should look to invest in East London.
The research identified Newham, Havering and Greenwich as the most profitable London boroughs for Airbnb hosts.
The top 10 London boroughs by ROI:
Tower Hamlets 5.7%
Barking and Dagenham 5.1%
Kingston upon Thames 5.0%