What makes London so appealing to the millions of visitors pulling them in every year? People pour in from all over the world, be it to visit, work or just live. Well, we think we know the answer – there are few more cosmopolitan places in the world.
The huge demand is being met by building new Crossrail links into central London and construction of new housing – such as the Battersea Power Station project – these will certainly help to cope with the influx.
So how is this affecting property prices, hotel prices and, in particular, Airbnb rentals? Since the launch of Airbnb, hoteliers in London haven’t had it easy. It took a while for Londoners to really embrace the sharing economy and put their own homes up for rent on the short-term accommodation website, but they’ve never looked back since.
We compared listings from five of the top cities in the world and worked out average prices (in pounds) for a one night stay. As you can see from the graphic, London apartments have an average rental price of £143 per night compared with the most expensive city we checked, which was Sydney, way out ahead at £178 per night.
Visitors looking to spend a romantic seven-day holiday in the UK’s capital city will have to fork out a whopping £1,001 just for their Airbnb stay – that usually won’t include a breakfast – but you will have the luxury of your own private kitchen.
The graphic above displays the cost in GBP of a seven-night stay in each city. Paris, world renowned for being one of the most romantic cities in the world, is the cheapest out of all the famous cities, at just £616 for a seven-night stay.
So, is London worth it? Is the inflated price good value compared to its neighbour Paris? Well if you don’t fancy paying £143 a night for your London stay, then why not stay outside Zone 1 of central London?
The graphic below compares the average London price with the five lowest prices boroughs of London:
As you can see, there’s good value to be had if you’re not particular as to where you’ll be staying. Compared with the most expensive boroughs in London, you can save more than 50% of your accommodation costs by staying in Zones 4, 5 and 6.