Do you leave your present shopping until Christmas Eve or do you prefer to get it wrapped up nice and early? Either way, there’s no avoiding the fact that this can be an expensive time of the year. Average household spending at Christmas in the UK is almost £900 according to research carried out by debit card company Switch. But what if you could earn additional money and still enjoy the festivities this Christmas. With a little bit of planning and preparation, this is entirely possible.
The majority of our hosts short let their London properties over Christmas while they stay with family or friends or take off on a well-earned holiday. High demand for accommodation in London, and vacation rentals, in particular, pushes up the nightly price. City Relay’s hosts will earn an average of £151 per night over the holiday period. Bookings in December range from one-night visits to month-long stays, with the average length of stay being 6.5 nights.
So with demand for Christmas bookings steadily building, we’ve taken a look at what you could potentially earn by short letting your London property this December. And perhaps more importantly what Christmas presents you could afford with your earnings. Why not grab yourself a mince pie and take a look at our findings.
What you could earn
We’ve analysed our booking data for December 2019 to identify which areas of London are most in-demand for short lets over the festive period. In the table below we’ve stack ranked the top 10 London postcodes based on the average rate per night this December. We’ve applied the average length of stay of 6.5 nights to determine what you could earn if you were to short let your property this Christmas.
|Rank||Postcode||Neighbourhoods||Borough(s)||Avg rate per night Dec-19*||Christmas earnings based on avg length of stay**|
|1||SW1||Belgravia, Knightsbridge, Millbank, Pimlico, St James’s, Westminster||Westminster||£257||£1,670.50|
|2||WC2||Aldwych, Charing Cross, Covent Garden, Holborn, St Giles||Camden, Westminster||£243||£1,579.50|
|3||W6||Hammersmith||Hammersmith and Fulham||£230||£1,495.00|
|4||SW3||Brompton, Chelsea||Hammersmith and Fulham, Kensington and Chelsea||£180||£1,170.00|
|5||W11||Holland Park, North Kensington, Notting Hill||Kensington and Chelsea||£171||£1,111.50|
|6||W10||North Kensington||Kensington and Chelsea||£161||£1,046.50|
|7||W2||Bayswater, Little Venice, Paddington||Westminster||£160||£1,040.00|
|8||W4||Acton, Bedford Park, Chiswick, Grove Park, Gunnersbury||Ealing, Hammersmith and Fulham, Hounslow||£159||£1,033.50|
|9||NW1||Camden Town, Chalk Farm, Primrose Hill, Somerstown||Camden||£158||£1,027.00|
|10||SW5||Earl’s Court, South Kensington||Kensington and Chelsea||£140||£910.00|
* Based on the properties we manage which are typically high-end apartments and houses suitable for couples and families.
** Assumes one booking in December for 6.5 nights over the Christmas period.
Perhaps unsurprisingly areas in Westminster top our list with their close proximity to the shops, museums and attractions that draw crowds to London throughout the year but especially at Christmas when they play host to lots of festive events.
Hammersmith and Kensington and Chelsea are also proving to be popular choices with easy access to Heathrow Airport and a plethora of sightseeing and shopping options on the doorstep for both first time or repeat visitors to London.
What you could buy
Far be it for us to tell you how to spend your earnings but with money comes choice and with choice comes decisions. Here’s a quick rundown of what you could buy using your Christmas short let earnings in 2019.
For a budget of £910
For those living in SW5 and earning rent of £910 over Christmas, you could win the prize for best parents or grandparents this year, by buying all of the toys on Hamleys top ten toys list for Christmas 2019 for a total of £650. This year’s favourites include a learn to code gadget for pre-schoolers, Pictionary Air and a dancing sloth as well as the obligatory Lego set and Nerf gun. You could spend the remaining £260 on luxury food and drink items from Fortnum & Mason including a Turkey crown, Fortnum’s own label Champagne and a big box of assorted chocolate creams. After all, the diet starts in January.
For a budget of £1,111
W11 residents earning £1,111 from short lets over Christmas, could splurge on all the toys and still have money left over for a one-night spa break for two people at the luxurious K West Hotel in Shepherd’s Bush. The perfect way to unwind after all that Christmas shopping.
For a budget of £1,670
Homeowners in and around Knightsbridge, Pimlico and Westminster with over £1,500 at their disposal, could make it a Christmas to remember and take the family away for a holiday. Both Expedia and Booking.com have deals available for winter sun or ski breaks. And while you’re enjoying yourself away from home, you can short let your property and earn more to treat yourself with in 2020.
If you are interested in short letting your London property this Christmas, we would love to hear from you. Our onboarding process is quick and easy, so there’s still time to start making money through hassle-free holiday rentals this year. Click the button below, and fill out the form to find out how much your property could be earning for you weekly on average*.