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Written by rosalind renshaw

Many blue chip firms set up specialist Olympic lettings departments, but staff have been replaced by tumbleweed and most are now little more than a hyperlink to an established short-lettings department.

The claim, by Eric Walker of Bushells in a blog on his website, was not entirely refuted when LAT asked around – but one firm that set up a specialist Olympics service can lay claim to what could be a new record rent for a family-sized property of £32,500 a week.

Elsewhere, Knight Frank started marketing Leeds Castle in Kent last November for a mere £62,500 a night, with the property now apparently let for the Olympics.

Ed Woolgar, director of corporate services, short lets and serviced apartments at Chesterton Humberts, said: “We introduced this service as a result of the high volume of requests which we received from landlords and home owners wanting to let their property and cash in on the anticipated demand for short lets in the Olympics.
 
“Supply of Olympic lets has outweighed demand, with a large percentage of properties belonging to accidental landlords – home owners listing their property and only actually considering renting their home if it achieved a price to make it worth their while to move out, put their belongings in storage and fit it out for the tenants’ requirements.
 
“The lets that have been secured have achieved record prices, including a six-bedroom house in Chelsea which is being let for £32,500 per week.
 
“There are still some individuals and companies on the lookout for properties for this period.”

Virginia Skilbeck, lettings director at Douglas & Gordon, said some property owners are chasing a non-existent market.

She said: “The imminent arrival of the London Olympics has caused a number of landlords to consider losing a long-term tenant in order to take advantage of the high rental prices being advertised for short-term lets. We have even heard of landlords holding off on renting their properties, and some vendors are waiting until after the Olympics to launch their properties so they can secure an Olympic let.
 
“This poses a risk as they may be chasing a market that doesn’t exist.”

Jemma Scott, partner at Knight Frank where she is head of residential corporate services, said that the Olympics had been a great opportunity for the firm, and that otherwise, it would never have got the chance to market Leeds Castle.

But she admitted that the market as a whole had been ‘a bubble within a bubble’. She said landlords who had got rid of long-term tenants to try to take advantage of the perceived Olympics market would have been ‘crazy’. She said: “Our view was that this was never going to be a lettings-by-numbers project. It was all about offering an opportunity.”
 
On the websites, there are still thousands of properties available as Olympic lets.

According to Eric Walker: “There are more properties available in Stratford than we have properties available across my whole company.

“Yet still, we have sales and rental offers which have been declined in East London as owners are still holding out for the promised riches.

“I find myself wondering at what point will people waken to the smell of freshly brewed coffee. Time is running short and stock remains very high.”

There is also evidence that Olympics visitors who do want to rent somewhere are putting in multiple offers on properties and taking the one where their lowest offer has been accepted.

Comments

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    One day, the hoarding of more living accommodation than one person can reasonably need at the expense of others & for the motive of profit will be rejected as a societal ill in a similar way slavery was.


    What a silly post, the UK is simply catching up with Europe where renting is the norm.

    The thing about BTL is that landlords keep multiple properties in good order and are doing the less fortunate and under achievers a good turn. Given that there isn't any social housing, it is full of guests from distant shores, if it weren't for BTL most ftb's would still be living at home with Mum and Dad.

    • 18 June 2012 16:33 PM
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    Tumbleweed....that'll be the London property market AFTER the Olympics are over.

    Average rental yields in Prime Central London are down to 2.4% GROSS. That is not sustainable (you can get more in the bank!). And like everything else unsustainable it won't be sustained.

    Sell up while you can. Once the closing ceremony is over London property will be going the same way as the upper seats in that stadium.....

    • 14 June 2012 15:05 PM
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    One day, the hoarding of more living accommodation than one person can reasonably need at the expense of others & for the motive of profit will be rejected as a societal ill in a similar way slavery was.

    • 14 June 2012 14:45 PM
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    LL meets void period; reduced yield on the promise of untold riches. Fools.

    • 14 June 2012 13:00 PM
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    Fair play to EW for telling it how it is.

    Those gullible enough to have fallen for the Foxtons et al promises will find themselves on a tout database.....

    • 14 June 2012 09:30 AM
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    Actually, the whole article is extremely interesting

    http://www.bushells.com/newsarticles.php?id=29252

    • 14 June 2012 08:49 AM
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    An article all London landlords should read. Well done EW.

    • 12 June 2012 18:39 PM
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    Hotel rooms are still available in London for £120 per night over the Olympics, why would you rent??

    • 12 June 2012 13:12 PM
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    Foxtons promised much. In fact let few. But increased their database of names and landlords home addresses.

    There's value in data.

    • 12 June 2012 11:50 AM
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    We find it quite hilarious that landlords have been giving notice to good tenants on the word of the estate agents that they can secure great rents for the Olympics and then it goes belly up.

    Agents need to stop looking for a quick buck and look after their good tenants. The downside for you is that you may lose your landlords now on the basis of terrible advice - No sympathy for you!

    We advised landlords against it!

    • 12 June 2012 11:00 AM
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    Landlords enquiring about Olympic lets out of little more than greed ... 100s.

    Tenant enquiries over the same period ?? not one, nothing.

    Red herring.

    Good luck finding a tenant the day after the Olympics end, half the property in London will be on the market if these Olympic landlords were to be believed.

    • 12 June 2012 10:04 AM
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    We have had Landlords asking if we can find them a short term Olympic let and we are 60 miles from London. Dream on!

    • 12 June 2012 08:40 AM
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