Local residents are looking to cash in on the 500,000 tourists expected to descend on London for next month’s royal wedding, with some charging more than London’s most exclusive hotels.
A host of adverts for flats, rooms and houses have already started appearing on listings sites such as gumtree.com and airbnb.com ahead of the 29 April nuptials.
One two-bedroom flat in Canonbury is listed for £340 a night for the ten days around the wedding. A double room at the 5* Ritz starts at £300 a night, while a similar room at Claridge’s in Mayfair will set you back £329.
“I’m certainly bumping up the price,” said the flat’s owner Aslak Hellesoy, a software developer. “I expect a lot of tourists will be coming to London because of the wedding and I plan to get out of town because it doesn’t interest me.” Airbnb.com lists its prices in dollars with the intention of attracting American tourists, and other property owners are charging similar rates.
The website FindaProperty.com estimated earlier this month that home-owners across London will rake in £100m in additional rent over the wedding weekend. A survey conducted by the site found that one in four Londoners was considering letting their home for the occasion.
Stephen Rapoport, founder of Crashpad.com, which allows people to offer rooms for short-term lets, confirmed there had been a surge in both listings and prices.
“For the royal wedding, we’re seeing people increase their prices by about 106 per cent,” he said.“We’ve seen disproportionate demand versus things like hotels because it’s such a cultural event.”
“If someone’s coming to the UK for a national celebration, particularly for American and Japanese tourists, I think the appeal of staying with a local family and seeing the wedding through the eyes of a local is especially attractive.”
The spike in demand and prices comes ahead of 2012, which is expected to be a bumper year for property rentals due to the Olympics. Another study by FindaProperty.com last week claimed that rental prices during the games are in some boroughs 35 times their usual price. Although Islington homeowners will not be able to charge as much as those closer to the Olympic site, the borough will still experience a hike, according to Mr Rapoport.
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The wedding couldn’t come at a better time. It will lift the spirit of the people whilst there is so much uncertainty. Besides it’s great to have a day off buy some memorabilia to remember the occasion with and one that will appreciate in value.