If you believe what you read in the newspaper then every Londoner is planning on skipping town and renting out their home to an athlete, official or tourist during the Olympic Games. But so far, the detail on who will actually be doing the renting or the letting is fairly thin on the ground.
That is until now.
Step forward Hamptons International who have just released research that shows rental properties in both Stratford and Prime Central London are likely to attract premiums of between 50 and 240 per cent during the Games period, depending on where the home is situated.
They’ve focused their research on each country’s “national house” – the name given to the team headquarters of each Olympic team. The “national house” is where the officials, athletes, national media and “super fans” (the ones who follow the team all the way from their home countries) are likely to spend most of their time when they’re not competing, watching, reporting or cheering from the side lines.
For instance, the Great Britain team, which will base itself in Stratford, will pay the highest premium (240 per cent) for short-let accommodation close to the stadium. Homeowners of an average two bedroom apartment in Stratford who usually rent their properties for £380 a week can charge an average of £912 during the Olympics, according to Hamptons International.
The Japanese team, which will be based in Mayfair (close to its embassy in Piccadilly) will pay the highest average rent per week for a two bedroom apartment (£4,221) which represents a 110 per cent premium when compared with average rental prices. Areas such as Muswell Hill (The Netherlands) and Finsbury Park (Jamaica) represent the best value for money with premiums of around 50 per cent.
Boutaina Cansick, Hamptons International associate director of London lettings says it’s mainly homeowner and occupiers who don’t want to be in London for the Games, rather than professional landlords, who are offering up their homes to rent and, at this stage, it’s mainly the corporate market who are making enquiries into letting out the properties.
“Enquiries are mainly from companies at the moment,” she says. “With the tourists it might be a touch too early, but I think they are coming, ” Cansick says.
Prime Central London is likely to be extremely popular with Olympic visitors because so many national houses will be based there, says Adam Challis, Hamptons International’s head of research. “Mayfair is expected to outperform as the rarity of Olympic short-lets will create significant price pressure in an already popular short-let market,” he says. ” SW7 (Kensington) will be a big wind down and party area and a popular base – Team USA will also have a large entourage in SW7 that will put demand pressure on available properties.” But he says those looking for value should consider areas in North London which are well connected via the Overground to Stratford.