Northamptonshire Airbnbs see price hike of more than 235 percent in July as fans book ahead for British Grand Prix

Airbnbs around Silverstone in Northamptonshire are seeing prices hike by more than 230 percent for one week in July as fans book ahead for the British Grand Prix.

Taking place from July 1 to 3, the Formula One event has seen the average cost of a nightly stay near Silverstone go up by a whopping 235.5 percent, according to new research carried out by money.co.uk.

The average price charged just one week before the event reportedly sits at a cool £186. But in the week that tyres hit tarmac, prices are skyrocketing to an average of £624 a night as fans book ahead for the big event.

For context, this is the fourth biggest jump in Airbnb prices seen anywhere in the world in 2022. The only places charging relatively more are those around the PGA Championships and Kentucky Derby in the United States, as well as the Monaco Grand Prix.

When asked what this could mean for Northamptonshire, a representative from West Northamptonshire Council said that, while the area sees no direct dividend from the event, it brings a lot of opportunity along with it.

A council spokesman said: "The British Formula One Grand Prix is a privately run commercial event and the council does not receive profits from the race weekend.

"The Grand Prix does however represent a significant economic boost, both in the short term through the visitor economy, and in the long term through businesses in the high performance engineering, logistics and corporate hospitality sectors choosing to base themselves in the area, and who provide employment and pay Business Rates.

"Privately let holiday accommodation is subject to market forces, and every year prices around the race weekend across the entire accommodation sector in the area, reflect the exceedingly high demand for what is one of the world’s premier sporting events."

The representative also laid out the role that will be played by WNC when the massive event takes place. From emergency responders to linking in activities and facilities that visitors might like to try, the council said they are ready to help make the British Grand Prix a success for West Northamptonshire.

The spokesman added: "The council already has a significant role in management of the British Grand Prix through is Emergency Response responsibility. Along with partners in the emergency services, WNC maintains a 24 hour watch during the event to help manage any emergencies and traffic issues.

"In the build-up to the Grand Prix the council also has a significant role in overseeing the Health and Safety planning for the Grand Prix and belongs to several interagency efforts which, among other things, ensure campsites are safe and enjoyable places to stay.

"This all contributes to the smooth running of the event which draws people back year on year.

"The council will also be promoting activities and services available in West Northants via social media during the race weekend including parks, leisure centres, places to shop and things to do for anyone who wants to escape the campsites for a few hours."

Anyone who is interested in finding out more about the British Grand Prix can do so online.