"I can imagine that the crown has an important job to do when it comes to finding a delicate balance between maximising income to pay the teams that manage these buildings and preserving the heritage of these historic homes."
- Cliff Ward, Expert at Pikl Insurance
Pikl Insurance has found the British Royal Family is generating significant income from renting out some of their most iconic properties as holiday lets. Estimates based on exclusive data obtained by Pikl Insurance suggest the Royal Family make approximately £118,775.85 each month on holiday lets – this equates to £1,425,310.20 annually.
If including cancellation figures, the monarchy is still estimated to be bringing in a net annual income of at least £1.4mn. The average room in a royal residence - available for rental - costs an estimated £1,335 per week, generating over £5,340 in monthly income. The key properties currently open to the public include Balmoral Castle, Castle of Mey’s Captain House, Restormel Manor, and Dumfries House.
Balmoral Castle is estimated to bring in a substantial £36,798.30 per month after accounting for anticipated cancellations. There are seven rooms available, and the average 7-day stay costs £1,485. Meanwhile, the Castle of Mey’s Captain House in the Scottish Highlands contributes £3,709.92 monthly, with the entire property available to book.
Dumfries House adds £31,185.63 with over twenty-five rooms available to book, while Restormel Manor generates £47,082 per month – with four different areas in the manor house available, alongside six converted barns on the property.
“These figures are truly impressive and demonstrate the significant earning potential of these royal residences. While the royal estate is undoubtedly a unique asset, it’s important to note that these properties face similar challenges to any other holiday let, including seasonal fluctuations and cancellations,” explained Cliff Ward, Expert at Pikl Insurance.
He said: “Nevertheless, the overall income generated is impressive and highlights the potential of this market. It’s interesting to see how the different properties perform. Balmoral Castle, for example, commands a premium price due to its iconic status, while other properties might offer better occupancy rates.
“Then there’s the behind-the-scenes to consider. I can imagine that the crown has an important job to do when it comes to finding a delicate balance between maximising income to pay the teams that manage these buildings and preserving the heritage of these historic homes,” Cliff concluded.
