Those wondering why Airbnb is accused of contributing to the shortage of long term rental stock may be interested in seeing a property close to the Glastonbury Festival site being let at £3,209 a night.
The property is in Pilton, a 10 minute walk from the main Pyramid stage at the festival, is described as a four bedroom party property available for £16,048 for the five nights of the event. The property boasts “fresh toilets, hot baths, great beds, comfortable furniture and a private garden.”
The Somerset Live website, which has investigated properties advertised on short let platforms, cites one landlord as saying on Airbnb: “The people renting our house in Glastonbury have had to pull out so it’s available again to rent. Regarding price, let’s just clear a few things up. The majority of rented property in Pilton and surrounding areas during the final is booked out for crew, news teams, etc.
“Therefore the prices are high. So yes, if it’s you and a few mates staying it will seem a lot of money whereas the larger companies are more than happy to pay these amounts, which is why you see properties in Pilton go for £5,000-plus. I do appreciate the comments about it costing a lot but these are the prices that the properties fetch which is why it’s set at the amount it is.”
Some 200,000 people are expected to descend on the Glastonbury area next week; many will camp on the 1,000 acre festival site but hundreds of local properties - some previously rented for long-term tenants - have been advertised on short let platforms.
A statement to Landlord Today from Airbnb says: “The average nightly price paid for a stay on Airbnb during the festival is just £205, providing affordable accommodation and helping local families boost their income and benefit from visitors to the festival. We would encourage anyone in the local community thinking about hosting to sign up to make some extra money and help offer additional accommodation around the event.”
Earlier this year a survey suggested that Airbnb owners are charging up to 600 per cent more to stay at their properties during major events such as the Glastonbury Festival and the British Grand Prix.
A study by website Money analysed the average nightly cost of an Airbnb over the dates of major events this coming spring and summer.
The average cost of an Airbnb in the same area was also taken for the week before the event, to demonstrate the difference in price, and reveal where Airbnb hoists have hiked charges the most.
The Glastonbury event has triggered rises of Airbnb properties in the area by 221.6 per cent, according to the Money analysis.
After a record-breaking attendance in 2021, the Formula 1 British Grand Prix in three weeks’ time is expected to again be the biggest sporting event in the UK, causing Airbnb prices to soar by 235.5 per cent. An average nightly Airbnb can be seen to jump from £186 to £624 during the event.
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