Last summer, property owners in Cornwall made an impressive £40,060,440 in holiday rental earnings, making it the leading area for such investment returns, according to Wealth of Geeks’ research.
Despite having a local population of just over half a million, Cornwall welcomed three times that number in visitors. The going rate for accommodation was £84 per night for a room and £117 for a whole house.
A Wealth of Geeks representative noted: “The UK’s holiday rental market brought in around £739,211,390 last summer as per our figures.
“These rentals not only boost the UK’s tourism sector by supporting local economies, enhancing the holiday experience with various accommodation options, but also help in spreading out tourist activity to numerous regions, benefiting areas that are less known.
“While peak tourism tends to be in the summer months, holiday rentals have the advantage of drawing tourists all year, which is crucial for the sustained economic support of local businesses even during the quieter seasons.”
Coming in second in terms of profit was Westminster, with a summer revenue of £34,441,270. Prices for staying in Westminster averaged at £113 per night for a single room, £147 for an apartment, and an impressive £435 for a house, totaling 304,790 rented nights last season.
Camden ranked third, earning £21,217,500 with a total of 172,500 nights booked. Here, a night’s stay cost about £123 for a room, £156 for an apartment, and £140 for a house.
| Rank | Location | Nights | Median price per night (room) | Median price per night (house) | Median price per night (apartment) | Location revenue (nights x price per night) |
| 1 | Cornwall | 476,910 | £84 | £117 | £113 | £40,060,440 |
| 2 | Westminster | 304,790 | £113 | £435 | £147 | £34,441,270 |
| 3 | Camden | 172,500 | £123 | £140 | £156 | £21,217,500 |
| 4 | Hackney | 101,140 | £202 | £204 | £127 | £20,430,280 |
| 5 | Kensington and Chelsea | 167,770 | £113 | £115 | £145 | £18,874,125 |
| 6 | Brighton and Hove | 134,010 | £100 | £100 | £128 | £13,401,000 |
| 7 | Islington | 108,250 | £117 | £255 | £173 | £12,665,250 |
| 8 | Southwark | 104,290 | £112 | £116 | £131 | £11,680,480 |
| 9 | Tower Hamlets | 161,000 | £73 | £166 | £169 | £11,672,500 |
| 10 | Lambeth | 98,430 | £113 | £440 | £136 | £11,122,590 |
