Cornwall tops UK holiday lets profit chart

Cornwall tops UK holiday lets profit chart

0:03 AM, 16th April 2024, About 7 months ago

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Cornwall has emerged as the undisputed champion of UK holiday rentals, according to a study.

The findings from Wealth of Geeks found that a Cornish seaside haven raked in a staggering £40 million during last year’s summer season to be crowned as the most lucrative holiday rental market.

The study analysed booking data from Airbnb, Booking.com and Expedia, calculating revenue based on nightly rates and total nights booked.

Cornwall’s success stems from a combination of factors: high tourist influx which is three times the size of its population, affordable room rates (£84 per night), and a strong presence of holiday homes (£117 per night on average).

UK holiday rental sector

A spokesperson for the firm said: “In the summer of 2023, the UK holiday rental sector made approximately £739,211,390, according to our data.

“Holiday rentals play a vital role in the UK’s tourism industry by supporting local economies, providing accommodation to enhance visitor experience, and promoting tourism in diverse regions across the country.

“Tourism also helps to promote awareness of lesser-known areas, helping to distribute tourist spending more evenly across the country.”

They added: “While some destinations may experience seasonal fluctuations in tourism often in the summer months, holiday rentals attract visitors year-round, helping to sustain economies and businesses during off-peak seasons.”

London boroughs put up a strong showing

While Cornwall reigns supreme, London boroughs put up a strong showing with Westminster and its iconic landmarks securing the second-place spot with average earnings of £34 million.

Here, nightly rates are much higher, with rooms costing around £113, apartments fetching £147, and houses commanding a premium price of £435.

Camden (third place) and Hackney (fourth) follow closely behind, highlighting London’s dominance in the holiday rental market.

Rounding up the top five is Kensington and Chelsea.

Crucial role holiday rentals play

The report also emphasises the crucial role holiday rentals play in the UK’s tourism industry with its diverse accommodation options and supporting local economies.

These holiday rentals help to boost visitor experiences and spread tourist spending more evenly across the country.

They also attract visitors year-round, boosting businesses even during off-peak seasons.


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