London 2012 Olympics - letting property out

[eastsider]

We are seriously considering letting our house out during next summer for Olympics and para-Olympics.

If the estate agents are to be believed (ha!), we're looking at £2.5k per week or more - for a 3 bed house approx 1 mile from Stadium, in one of the better areas of East London.

A couple of the Agents websites are full of "olympic short let" properties all over London, location has to be a key factor in our favour. But its impossible to get a remotely straight answer from anyone on how many deals have actually been done etc.

Anyone else considering, doing this, actually agreed a deal, got any market insight, or relevant prior experience eg Wimbledon short let?

[zaphod42]

You could test your own market pricing here:

http://www.ownersdirect.co.uk/

Search for the relevant weeks (use advanced search) and then try an advert there at a fairly low cost?

[mgtony]

Councils, don't you just lov'em:

http://www.eastlondonadvertiser.co.uk/news/homeown...

[Kudos]

I recall when the Ryder Cup came to Ireland a few years back, this same idea was pitched. Never took off and doubt the hassle made up for any money earnt.

[eastsider]

mgtony said:

Councils, don't you just lov'em:

http://www.eastlondonadvertiser.co.uk/news/homeown...

I'm aware of the potential issue, its a grey area I think. Interesting article and comments below from people with more property law knowledge than me here
http://www.landlordlawblog.co.uk/2011/10/31/counci...

[eastsider]

Kudos said:

I recall when the Ryder Cup came to Ireland a few years back, this same idea was pitched. Never took off and doubt the hassle made up for any money earnt.

Understandable, I am wary that this could all be a 'millenium bug' repeat.

However, I work in Canary Wharf. TFL are advising businesses to expect severe road traffic probs (not least due to games lanes) eg over an hour to go from Mile End tube to Stratford (1 mile ish).

We have also been told that a 75 minute wait to get into any tube station is to be expected.

I reckon 500k people per day will be in and around the olympic park. 36k going to White Hart Lane (spurs ground) causes chaos in all directions for 1-2 hours before and after.

[E36GUY]

mgtony said:

Councils, don't you just lov'em:

http://www.eastlondonadvertiser.co.uk/news/homeown...

Ohhhh that's out of order. What difference does it make to them. Some of us on the London council tax have been paying for the bloody olympics but failed to get any tickets due to the stupid ballot system so why shouldn't they get something back by renting a property.

[jas xjr]

Must bear some similarities to the lets around wimbledon surely ?

[elanfan]

Often wondered for Wimbledon etc you hear of fderer, nadal etc renting a house in the area for a couple of weeks - what do the owners do with all their personal clothes and the like during that time? Do they just clear a couple of wardrobes and leave the rest there??

[youngsyr]

elanfan said:

Often wondered for Wimbledon etc you hear of fderer, nadal etc renting a house in the area for a couple of weeks - what do the owners do with all their personal clothes and the like during that time? Do they just clear a couple of wardrobes and leave the rest there??

I would imagine they keep a room with a lock on the door for all their personal items and valuables and do not allow access to it to renters.

Some of them may also be second homes/city crash pads that aren't fully occupied normally anyway.

[anonymous-user]

I live fairly close to Eton rowing lake, where the Olympic rowing events are taking place. I've had a few letters offering 4K per week for 4 bedroom house, the agents take 10%. Quite tempting to get away for a month on the proceeds!

[dickymint]

Kudos said:

I recall when the Ryder Cup came to Ireland a few years back, this same idea was pitched. Never took off and doubt the hassle made up for any money earnt.

Exactly the same here for the Ryder Cup in Wales.

[silverthorn2151]

I suspect there is a a huge amount of hope value in all these things.

Who exactly is going to be renting these houses? I can't see where the market is.

Someone who just wants to be close? If you are an official or journalist then I suspect it's already sorted. If you are a punter, how any tickets you got and how many days do you need to be close by.

I suspect the market was actually during the construction phase and that a number of people had that pretty well sewn up.

I understand that a lot of the Wimbledon lets are to players and officials, based on a former contact having a player come stay at his house during the tournament.

I'd stay there and enjoy being close by myself, for what that's worth.

[eastsider]

youngsyr said:

I would imagine they keep a room with a lock on the door for all their personal items and valuables and do not allow access to it to renters.

Some of them may also be second homes/city crash pads that aren't fully occupied normally anyway.

That is exactly it. We have a large cellar so would put all personal effects that we don't take with us in there and lock securely. Property would have to be supplied fully furnished - including TV, crockery and cooking equipment etc. We'd remove all personal effects.

[eastsider]

silverthorn2151 said:

Who exactly is going to be renting these houses? I can't see where the market is.

Someone who just wants to be close? If you are an official or journalist then I suspect it's already sorted. If you are a punter, how any tickets you got and how many days do you need to be close by.

Estate agents would have us believe that the market is workers (journalists etc who will be there for a significant period) or corporate - sponsors who have tickets and will have guests rotating in and out. "Private" spectators are not expected to be this type of market as apparently they will only visit London/the games for 6 days on average.

I called Mr Estate agent back yesterday morning, left a message and haven't heard back from him nearly 2 working days later. They can't have that much untapped demand or he'd have got back to me sharpish surely!