Unless you have been living on the moon these past few months no-one can escape the hype that is gearing up for the Summer Olympics – being held in London and other areas of the UK. Many hotel rooms have been booked up for almost a year in advance and demand for short term Lets for property are getting set for fierce competition. London was always a firm and safe investment and now it appears stronger than ever.
Confirming its first place position, The Wealth Report 2012 survey conducted by Knight Frank and Citi Private Bank revealed recently that the world’s richest people are still choosing to live and buy property in London and New York. The two cities ranked first and second according to the world’s multi-millionaires. According to their findings, London continues to lead as the most beloved international city for the jet setting rich, for both first and second homes.
Many people are planning to rent out their property in London during the Olympic Games and another recent survey by a leading London rental portal suggests that rental prices in various Olympic boroughs have risen 35 times higher their usual price during the Games. Although being able to benefit from the huge increase in demand in properties for rent is good news, Gary Clark, who is head of operations at London2012Rentals.com, advises London homeowners to keep to a realistic price. He says “Although there is clearly a large sum to be made, homeowners must be realistic and not demand excessive rates. Visitors understand there is a premium to be paid for Olympic accommodation, however they still want value for money and marketing your property right will enable you to secure tenancy throughout the Olympic period.”
For a realistic guideline aim at 2-3 times the standard rental value of the house: a typical three bedroom property in the E1 postcode area such as Shoreditch would let for £600-£800 per week so during the Olympics this would go up to around £2,000, maybe even £3,000.
However property owners or prospective buyers should also take note that some local councils such as Southwark, Tower Hamlets, Islington, Kensington and Chelsea, Westminster and Camden – require you to apply for planning permission for lets under 90 days. There is still time to buy and start earning from a London investment, with many more tickets due to be released next month, there is going to be a sudden new demand for accommodation.
On your marks, get set…..go!
Located in West London, Westbourne Terrace £749,950 rent £2000 per month
Ideally located close to Holland Park and Kensington High Street this town house offers well arranged accommodation with a garden which is always at a premium in this part of London. £2.75o,000 Rental income potential £2000 a week.
Very popular area with families, this property in Chelsea has an asking price of £2.35million with a rental income of £7000 per month
OFF MARKET: Pure class in Eaton Square this light and spacious two double bedroom garden apartment is arranged over 1232 square feet on the ground and lower ground floors of a stunning stucco fronted townhouse in one of London’s most famous garden squares. Price £1.1million and rental income £2000 per week.
OFF MARKET: This exclusive property, located in the heart of Mayfair is one the most stunning homes we have seen. Accommodation is generous and luxurious and is arranged over three floors, as well as having underground parking and a car lift.
The accommodation includes seven bedrooms, two dressing rooms, seven bathrooms, guest cloakrooms, three reception rooms, kitchen, cinema, games room, bar, gym, swimming pool, solarium, steam and sauna room, roof terrace and courtyard garden. The house has recently undergone extensive refurbishment and redecoration. An exceptional property with a current rental income of £66,000 per week. Price contact us.