London

Area: Albert Embankment

Overview

Market Report - London:

In September 2022, London home prices were up 8.3% compared to last year, selling for a median price of £557,121. On average, homes in London sell after 58 days on the market.

Market report - Albert Embankment:

In September 2022, Albert Embankment home prices were up 7.1% compared to last year, selling for a median price of £721,462. On average, homes in Albert Embankment sell after 51 days on the market.

Tourism Report:

For the entire calendar year, inbound visits are forecast to increase to 26.7 million and spending to £21.6 billion. 65% and 76% of the visits and spending levels were seen in 2019. This is an upgrade on our previous forecast, made in February, due to a stronger-than-expected start to the year. Buckingham Palace, St Paul's Cathedral, the London Eye, Westminster Abbey and Tower Bridge are among the top tourist attractions.

Tourist Demographics:

• The average size of the party is 2-1


• Length of stay 3.3 nights 


• Age 37.4


• Male 57.9%


• Female 42.1%

Short-Term Rental Report - London:

Average Daily Rate: £259

July: £352

February: £225

The average Daily Rate (ADR) is the average booked nightly rate + cleaning fees for all booked days over the last year.

Average Occupancy Rate: 81.5%

July: 90%

January: 66%

The number of booked days is divided by the total number of days available for rent over the past 12 months. Properties with no reservations are excluded. This Occupancy Rate figure represents the median over the past 12 months.

Revenue

The average revenue is £6,226

Property Demographic:

We are looking to purchase a two bedroom/2 bathroom unit; prices for this type of asset are valued between £ 735,000 - 825,000; with Albert Embankments' proximity to the Houses of Commons and tourist attractions, including the London Eye, we think this is a great location to have a high yielding asset.

Yield: 8.75% - 9.5%