Could your house earn you money? With home-from-home property rentals increasing in popularity and Oxford being a prime destination, you could be sitting on a proverbial goldmine. Jaine Blackman reports

The past few years have seen a huge rise in the number of people favouring renting a home over staying in a hotel, according to Oxford-based holidaylettings.co.uk.

“Most holiday homes offer great value for money, increased space and comfort for guests and the chance to really live like a local when experiencing a new destination,” says Saskia Welman, a PR manager for the vacation rentals site at Oxford Science Park.

Nowhere has benefitted more from this upward surge in interest than the UK with enquiries for stays in holiday homes across the country more than quadrupling in the past three years – a trend that shows no sign of abating. Historic destinations like Oxford are particularly successful, due in part to their year-round appeal to tourists.

Holidaylettings.co.uk reports that in the past year, demand for self-catering holiday homes in the city has risen more than 150 per cent.

“Oxford benefits from interest from all different types of travellers, from backpackers who want to see the historic city on a budget to couples who are treating themselves to a romantic weekend away against a stunning backdrop,” says Saskia.

“Then there is the demand from parents travelling to the city to see their university student children, who would rather have the luxury of a home-from-home when visiting their offspring (especially if they can do their washing at the same time!).”

Many people are getting wise to this demand and using the opportunity to create an extra income for themselves by letting out their home while they aren’t using it.

For some people that might be a second home but others let out their primary residence when they are on holiday or away on business. And some offer rooms in their home while they are in residence too.

“Whether you own a studio flat or a stately home, there’s a chance that your home could be a success story as a holiday let,” says Saskia.

“Oxford homes demand a premium from holidaymakers, whatever the time of year. An average two-bed apartment in the centre of the city can command the hefty sum of £900 per week.”

At the moment, there are 215 homes available on holidaylettings.co.uk in Oxford and close to 400 in the county.

Demand is far outstripping supply and homeowners in the area are starting to realise the benefits of renting out their home.

Oxford resident Tim Nicholson rents out his eco flat in Summertown. He’s been so successful that he’s earned a Trip Advisor Certificate of Excellence – awarded to holiday home owners whose properties have consistently achieved the best reviews from those who have stayed.

Tim has been renting out his home for the past three years. “We get a wide range of guests with visitors to the university being the most common,” says Tim. “We have met lots of interesting people and it is nice to help them make the most of their time in Oxford. Our neighbour thoroughly enjoys the steady stream of visitors.”

Tim decided to use a vacation rentals site to advertise his property.

“Vacation rentals sites enable visitors to see a wide range of properties and have a good look at what each one has to offer. I work hard to get good feedback for my property on Trip Advisor so that we get more bookings.

“The site I use sends me a text message and an email as soon as there is a new enquiry so that I can respond as quickly as possible. It is much cheaper than using a letting agent and I am more in control of the process.

“It took a bit of effort to get our listing on the site established with the right text and photos but now it is up and running it is very easy. We rarely need to update the listing and let our guests sell the rental for us via their comments on Trip Advisor. It is more work than a long let but we think it is worth the effort as the returns are much higher.”

Using an online site to let out your home can be the easiest way to reach potential guests. It’s an emerging market so there’s plenty of choice as to where you place your home and the process is very simple.

“Holidaylettings.co.uk allows homeowners to list their home on the website, which reaches millions of prospective holidaymakers in a month,” says Saskia. “All you have to do is create a listing on the site, with a description, price list and some photos. Once it’s created, the listing appears on both Holiday Lettings and Trip Advisor.

“You can list your home for free and pay a three per cent commission when you get a booking, or pay a one-off subscription fee of £359 for a year’s listing (both are plus VAT).”

Visit www.holidaylettings.co.uk