Current Affairs

‘150-fold rise’ in number of London residential properties on Airbnb

There has been a 150-fold rise in the number of London residential properties listed on home-lettings website Airbnb over the past five years.

Using data from InsideAirbnb.com, JLL’s Residential Research analysis showed 25,357 homes in the UK capital were listed on Airbnb at the end of 2015, compared with just 171 at the end of 2009.

It said London has the third greatest number of listings in the world, behind Paris in first place, with just under 35,424 listings (a 224-fold rise) and New York in second place with 30,480 listings (a 56-fold rise).

The research found 75% who have made their homes available on home lettings sites such as Airbnb have done so with specific consideration of major events occurring within their city. It cited a spike in listings during the 2015 Rugby World Cup around tournament venues as an example.

Meanwhile, the most common reason for listing homes on Airbnb was simply to raise extra income. The second most common reason was to fill a vacant home between tenancies, which JLL said suggests an increase in the use of Airbnb by private rental landlords – an issue Hotel Owner covered in a feature on Airbnb last year.

The most common length of stay in properties listed was three to seven nights.

Nick Whitten, associate director in JLL’s residential research team, said: “This research charts a significant and dramatic social change over a period of just five years. Homeowners are thinking ever more progressively in terms of how their property can make them some extra money.

“London attracts millions of visitors per year with notable surges in demand around major events, conventions and festivals. Homeowners are capitalising on this and maximising their unique selling point in relation to these events – their property’s location.

“Typically we have seen big increases in homes available to let in the immediate vicinity of an event, with pricing adjusted upwards in line with the increased demand.”

Back to top button