Shock figures suggest that Airbnb owners are charging up to 600 per cent more to stay at their properties during major events such as the Glastonbury Festival and the British Grand Prix.
A study by website Money analyses the average nightly cost of an Airbnb over the dates of major events this coming spring and summer.
The average cost of an Airbnb in the same area was also taken for the week before the event, to demonstrate the difference in price, and reveal where Airbnb hoists have hiked charges the most.
The Glastonbury event - headlined this year by Paul McCartney and Billie Eilish - has triggered rises of Airbnb properties in the area by 221.6 per cent, according to the Money analysis.
After a record-breaking attendance in 2021, the Formula 1 British Grand Prix is expected to again be the biggest sporting event in the UK, causing Airbnb prices to soar by 235.5 per cent. An average nightly Airbnb can be seen to jump from £186 to £624 during the event.
In recent years there has been growing criticism of Airbnb hosts taking advantage of major events.
This has particularly been the case in Edinburgh, the city with what is believed to be the highest proportion of Airbnbs in the UK, and where in recent years - at least before the pandemic - charges rocketed around the time of the annual summer arts festivals.
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I don't have an Airbnd but I did Economics at school. It happens in every sector in the industry, and in all business - it's simply, supply and demand!
In other shock news, bears relieve themselves in the woods. Does the website not realise that hotels do the same and, gosh, in the summer the cost of holidays increase too. Whoever discovered this has either led a sheltered life or is about twelve years old.
Is this really news worthy ??
No!
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