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Article > False start to Olympics

Article kindly provided by Julie Ford

Hemel Landlord Property Network
07904 288188

Many of you may have heard the recent Radio4 programme reporting the increased trend of unscrupulous landlords who are attempting to cash in on the anticipated high rents that the Olympics is hoped to bring.

With less than 80 days until the official opening ceremony, Landlords and agents alike are getting excited about the chance to cash in on the rental demand. Enquiries are up on one site, searches are surging on another, and reports show that rents are tripling in the areas around Stratford.

But with some landlords evicting existing tenants to find whiling tourists who'll pay higher prices and agents reporting hundreds of properties on their books with no one to rent them, what's actually going on in London's market?

The reality is a large numbers of tenants in East London are waking up to eviction notices, in some cases only giving them 2 weeks to leave.

On the one hand these notices are not necessariy legal and if the tenants don't move out the landlord has no leg to stand on, however it also serves as a worrying time for tenants who feel uneasy about their position and whether their home is safe.

I reported in my article ‘Fly in the Olympic Ointment’ in January, that London landlords were chasing the increased rental dream, but recent figures have shown that tourist, as yet, have not opted to rent our cities property and at present are making use of the many hotels, B&Bs and most suprisingly the short term let easiliy available in HMOs and room let's.

One East London agent reported that a local landlord had illegaly evicted his tenants, who were paying a healthy £360pw in the hope of acheieving £6000pw over the Olympic period, however as yet had not had a single bite in regards to rental enquires.

Landlords and agents alike still need to be mindful of the pitfuls of short term letting in the Capital with the Greater London Council (General Powers) Act 1973 provides (as amended by s.4 of the Greater London Council (General Powers) Act 1983) which stipulates that a private residence can not be rented out in for a period of 90 days or less, unless planning permission is sort for the change of use from permanent to temporary, this Gold rush maybe a false start.

Will we see a sudden influx of tourists queuing up to pay over the odds for prime location properties, or will we be disappointed that our Olympic dreams of gold have been dashed by a more savvy visitor who has bagged a cheap travel deal.




About the Author

Julie Ford runs the Hemel Landlord & Property Network

The network is predominately designed for landlords and property investors, we offer advice and guidance on all aspects of buying, selling, renting and managing your property, whether you are a 1st time landlord or a seasoned investor The Hemel Property Network has all the tools you need to help you make the most of your investment.

We meet Last Thursday of the Month, at 19:00 and encourage our guests to arrive early so that you can get to know your fellow property networkers.



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