More people seek property to rent in London With just one year to go until the 2012 Olympic Games, interest in property to rent in London is hotting up, and not just in and around the Startford area, where the main events take place. Whether a property to rent in Battersea or a property to rent in Hammersmith, among a host of other areas, demand in London is at an all-time high, reflected by rapidly rising rents.
Research shows that the rents being asked during the Olympics are four times higher than normal, with some landlords in London reportedly demanding up to £10,000 a week in rent for their homes during next summer's sporting extravaganza. Landlord Adam Feather has a property to rent in Little Venice near Maida Vale, which he plans to make available during the Games.
Mr Feather told the press that he recently had his home valued by Foxtons estate agents and was told that he could expect to achieve between £800 and £1,000 per week during the sporting tournament. This in spite of the fact that it is only let at £200 per week on a longer term assured shorthold tenancy. Additional research by Lloyds TSB shows that it’s not just rents that are booming as a consequence of the Olympics. The study reveals that for the six years since London was awarded the Olympics, property values in the areas nearest the Olympic sites have appreciated by an average of £60,000. Average residential property prices in the postal districts close to the Olympic site have increased from £208,148 to £266,730, up 28%.
Over £30 billion has been added to the total value of residential properties located in close proximity to the UK Olympic sites since the announcement in 2005, with £6.4 billion in added-value to house prices in East London alone. Nicholas Leeming, business development director of Zoopla.co.uk, said: "There's no doubt that the redevelopment to a number of areas across the UK as a result of the Olympics has had a positive impact on property prices.� People thinking of letting their home out during next year's Olympic Games are being offered expert advice by the National Landlords Association (NLA), including their ten top tips. Homeowners looking to let their homes are being urged to follow the relevant regulations in order to avoid any problems. London-based estate agents Marsh & Parsons is one of a host of lettings specialists that expect to be inundated with enquiries for property to rent in London.
Hundreds of thousands of visitors are expected at the Games and the Marsh & Parsons Corporate & Relocation Services team is geared up to cater for a surge in demand for short term accommodation in London during the 2012 London Olympics and Paralympics. London will host the Olympic Games between 27th July to the 12th August 2012, and the Paralympic Games will take place between the 29th August and 9th September 2012. With offices covering central, west and south west London, they offer a wide range of properties to rent on a short (2 week+) or long (6+ months) tenancy. Let the Games begin! Source: Marsh & Parsons London Estate Agent - Property to Rent in Maida Vale