Rent in London has sky rocketed once again
As the London Olympic Games draw closer, rent prices within the London area have sky rocketed as many landlords look to capitalise on the increased influx of visitors looking for temporary shelter. On the UK’s second most popular property website Zoopla, they’ve even developed an area on their website dedicated exclusively to rental properties available during the games. Properties range from a 1 bedroom flat at £120 per week to a 6 bedroom flat for £80,000 per week.
Glasgow 2014
Ever since it was announced in 2007 that Glasgow, Scotland would be the host of the 2014 Commonwealth Games, the nation has been tirelessly preparing for this great event.
Ever since its debut in 1930, the number of athletes alone in attendance every four years has grown with 2010’s games having over 6000 athletes. Tens of thousands of jobs are created at each event and hundreds of thousands of tickets for various sports will be available for purchase.
Property developers Dandara, who work in Scotland amongst other places, predict that property prices in Glasgow will soar as the games draw closer. When the 2002 Commonwealth Games took place in Manchester, property prices increased by almost 200% in some areas.
Case Study
In anticipation of this predicted rise, a recent graduate, Henry Ainslie, purchased a two bedroom apartment in one of Dandara’s latest property developments in hopes of receiving some lucrative returns on his investment. In addition to this he will have organised a comprehensive landlord insurance policy in order to protect such a significant investment.
Is It Worth It?
With the London Olympics having a positive impact on property owners in London, now may be the time to take advantage of the lower priced property market in Scotland. A number of investments have already been made such as travel improvements, property developments, new tourist attractions and an indoor sports arena. All which will surely amplify the value of nearby properties, during and beyond the Games.
Glasgow is Scotland’s largest city and third most populous in the United Kingdom. While the weather leaves much to be desired, the rich culture and vibrant city attractions provide more than enough reasons for people to visit and relocate there. Therefore a great supply of rental properties should constantly be in demand and if London 2012 is anything to go by, then many property owners in Scotland will consider their investment a winner.
If you’re considering taking advantage of this opportunity, it is worth conducting extensive research into the laws of the country and organising all the necessary paperwork.