As soon as the chairman of the IOC opened the envelope which revealed London as the host of the 2012 Olympic Games, homeowners and landlords with properties covered with landlord insurance were given a golden opportunity to make handsome profits from their properties. Property owners in London can expect a big cash boost from the world’s biggest sports event.
Even a year before the games arrive in the capital a seven bedroom property which is close to Greenwich Park, the venue for the equestrian events is being advertised online for a staggering £24,000 per week during the Games. At the same time a three-bedroom flat in Canary Wharf is available to rent for a whopping £12,000 per week.
The owners of these properties may not get many takers at those prices but visitors will be aware that demand for homes will be strong. Only the athletes will be staying in the Olympic Village, so their entourage along with close to one million visitors each day will be arriving in London needing somewhere to stay and not all of them will want to book into a hotel.
Nick Leeming of Property website Zoopla. said “Homeowners looking to let properties during the Olympic period need to strike a balance between trying to achieve an early let and leaving it till the last minute. During the run up to the Millennium, some very speculative prices were asked, demand didn’t live up to expectation and many properties were never let. First-time short-let landlords should work out what their target tenant is likely to be, i.e. corporate, family or someone linked to an athlete, and prepare for that market.”
Letting Agent Knight Frank have already had contact from wealthy families who want a property in a prime London location such as Mayfair, Kensington, Knightsbridge or Belgravia. Anyone can rent out a home or just a spare room either independently, or through an agent. Owners will need to draw up a tenancy agreement and provide gas safety and energy performance certificates.