King Charles Coronation drives travel and tourism boom as London holiday rental prices surge 67%
King’s Coronation: 67% price surge for London holiday lets
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American visitors take the international top spot, making up 18% of holiday let bookings in London over the Coronation period
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Visitors from France make up 12% of bookings over the Coronation period
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Prices were up from £485 in 2022 to £810 in 2023 for the weekend of the King's Coronation (May 5-8)
The price of holiday lets in London this May have skyrocketed by an average of 67% due to surging demand from tourists for accommodation during the King's Coronation weekend, according to the latest analysis from rental management platform GuestReady. Millions of people are expected to flock to the capital's streets for the Coronation celebrations on May 6th, with many thousands looking to stay in the city over the long weekend and experience the momentous occasion in person.
GuestReady finds the average cost of renting a London holiday let the weekend of the King's Coronation (May 5-8) is up from £485 in 2022 to £810 in 2023 – a 67% increase. The higher prices mirror those for hotel providers who are reporting room rates up 60% year-on-year over the same period.
The Coronation is set to be a much-needed boom for tourism to London following the pandemic. GuestReady's analysis shows American visitors taking the international top spot making 18% of holiday let bookings, with visitors from France in second place making 12% of bookings over the Coronation period. The Royal Family remains hugely admired following the death of Her Late Majesty, with the enduring popularity of the Netflix Series 'The Crown', and the ongoing controversies surrounding the Duke and Duchess of Sussex keeping the monarchy firmly in the media spotlight internationally.
GuestReady helps property owners to market and manage 4,500 holiday rental properties and has helped to welcome over 600,000 guests worldwide since 2016, and is preparing for one the busiest weekends of the year so far.
John Severino, UK Country Manager for GuestReady comments: "There was a question mark hanging over the popularity of this Coronation compared to 1953, but King Charles is clearly set to draw in visitors, not just from the UK but internationally as well. No country does pageantry better than the British, and people clearly want to stay in London and be part of a once-in-a-lifetime experience. We are seeing visitors, particularly from the US, craving to stay somewhere authentic, personal and close to the action for the Coronation and that's driving demand for stays in the capital."
