With less than one week till the opening of the 2012 Olympics Games in London there is still time for home owners to cash in on the estimated arrival of over 11 million peoples in the next two months.
According to James Davis, chief executive officer of lettings specialist Upad, as hotels in London are charging such high fees and accommodation is in short supply property owners and landlords can capitalise.
‘Even though the Olympics is just around the corner, I don’t think it is too late for landlords to offer up their properties given the fact that there will always be a surge of last minute Olympic visitors looking for a place to rent,’ he said.
‘An Olympic rental property in Covent Garden has recently become the most expensive let in the world, charging £115,000 per week and while the average person would not be able to command such a high price, there is still is huge potential in offering up your home to Olympic visitors as long as prices aren’t too crazy,’ he added.
Landlords within the UK are fairing very well at the moment. The market is booming with an increase of over 6.34% in the no. of rentals advertising in the UK in the first quarter of 2012, with 35,789 new rentals on the marketing in London over the same time period. However due to the general increase in demand for rentals from UK tenants who cannot afford to buy, landlords also have been profiting from the substantial opportunities for short term lets during London 2012. This has had an even larger impact on the rental market.
If you’re still considering letting out your house, Upad have a dedicated Olympic letting service for £199 plus VAT. For this you’ll get your property advertising across the main sites including Rightmove, FindaProperty, Zoopla & Gumtree. They help write a property description and even visit the property to take professional photos if the owners want to achieve the best price possible. Are you renting your property out during the Games?
Let the Alexanders Removals and Storage Team know.