Tiger Woods' return to the St Andrews Open drives cash bonanza for homeowners

THE golfing gold rush is under way. The anticipated return of Tiger Woods to this year's Open Championship at St Andrews has driven up demand for accommodation, producing a cash bonanza for local homeowners, who are charging as much as £20,000 to rent out their houses for the tournament.

• Tiger Woods putts on the 17th green in front of the clubhouse during the third day of the Open Championship at St Andrews back in 2000

Golf fans from across the world are snapping up accommodation all over the east coast of Scotland, with many prepared to travel over two hours every day. Hundreds of property owners are preparing to take a slice of the expected 72 million tourism windfall that golf's most prestigious tournament draws every year.

The 150th Open tees off at St Andrews in July and demand for accommodation is already unprecedented.

"As always there is massive interest in the Open at St Andrews, but this has been boosted by the controversy surrounding Tiger Woods and his return to the game," said Scott Hart, of golf travel company Golf Scotland. "There is definitely a 'Tiger factor' and eager anticipation of his return to the scene of his triumph in 2005.

"We've got golf fans coming from all over America, Canada, and Europe, including Slovakia – they're coming in from everywhere. The Open Championship at St Andrews is the cream of the crop for golf fans. They will pay seriously big money to be part of it, because it is the Mecca of the sport."

One homeowner is expecting to rake in 22,500 by letting out his two-bedroom home in St Andrews for just nine days.

Another bungalow three miles from the famed Old Course is fetching 14,000, while another local resident is expecting to make the same amount for letting out his flat for ten days.

One St Andrews homeowner, who is renting out her modest two-bedroomed flat in St Andrews' town centre for ten days is delighted to rake in "a few thousand" in rent from American visitors.

The woman, who did not wish to be named, said: "It makes sense to rent it out. The money you can get for just a few days is phenomenal, and it will pay for my holiday that I'll be taking while the golf is on."

Oliver Williams of Pagan Osborne, the St Andrews-based official property letting agents of the Open, said he has properties available up to 20,000.

"We have a broad range of properties, reflecting the broad range of enquiries we have had, from golf enthusiasts to professionals working at the Open," Williams said. "It is the 150th Open Championship and is a very special event."

Pagan Osborne is offering an apartment that sleeps four at Gibson Place overlooking the 18th hole for 12,000 for private residents from 10-19 July; corporate clients will be charged 20,000.

This view of the 18th green is normally the exclusive domain of George Peper, editor-at-large of Links Magazine.

Peper, however, is spending the summer in the US and letting out his St Andrews home to other golfing enthusiasts for an unrivalled seat at golf's most prestigious tournament.

Peper said: "One of my most enduring memories of watching golf from the window of our home is Jack Nicklaus's farewell appearance.

"I have a picture in our bedroom of Jack saying goodbye to the Scottish crowds and in the background you can see my wife, Libby and me, waving from our living room window. It sums up this place because watching from here puts you right up close to the action."

Dan Cookson, of property lettings portal CityLets, said: "Many substantial family homes come on to the rental market for just a fortnight every five years. With rental figures of 10,000-plus for a fortnight it's not surprising, so many homeowners decide to get out of the house for two weeks and make a killing."

A spokeswoman for VisitScotland said the event provided a massive boost for the tourism market.

But HM Revenue and Customs investigators have warned that property owners cashing in on short-term rents must declare their income or face huge fines.

A spokesman warned: "We always keep an eye on these things. Any extra income from renting out properties needs to be declared for tax purposes. The people of St Andrews are quite well clued up on how to handle this because they get the Open every five years."

Woods, the world No 1, is expected to make his comeback at the Masters, the first of the annual four major tournaments, in Augusta, next month, after a long lay-off. It follows his well-publicised marital problems after a series of more than a dozen affairs hit the headlines late last year.