New research suggests that the number of nights booked in London through home-letting platform Airbnb more than doubled last year.
The research from Colliers International and Hotelschool The Hague reveals that nights booked in London with Airbnb rose by 130% to 4.62 million in 2016, from just over 2 million in 2015.
As well as this, in the first four months of 2017, there was an additional 55% increase in the number of nights booked through Airbnb compared to the same period in 2016.
Airbnb has also accounted for increasing London’s overnight visitors more than double to nearly 9% in 2016, up from less than 4% of overnight visitors making use of Airbnb for their accommodation in 2015.
By the end of 2016, the number of properties listed on Airbnb had grown by 57%, up from 88,162 in 2015 to more than 138,000 properties.
In the first four months of 2017, the number of active properties listed increased by 80% year on year. Of the 2016 listings, almost 54% were offered by hosts with more than one listing, up from 48%.
Marc Finney, head of hotels and resorts consulting said: “Our research shows that Airbnb now represents a notable and growing type of accommodation offer in the capital. As the scale grows, the lack of regulation becomes a greater concern to many, and rightly so.
“It is interesting though that despite the growth, we’re seeing relatively little negative impact on the hotel sector. In a lot of ways, Airbnb is a different product offer, just one that now benefits from better visibility.”
Dirk Bakker, head of EMEA hotels at Colliers International added: “Airbnb is no longer just an accommodation site for individuals letting out their own homes.
“People are now buying residential properties specifically for Airbnb, which has the potential to dilute neighbourhoods and become a social issue for residential areas, creating transient zones.”