Summer time lets in cities with large events tend to be popular and increase rates well above and beyond average rentals achieved. Edinburgh's Festival season is a great example.
This summer, with the Olympic Games due to start at the end of the week, a number of landlords in London and other Games locations were looking to cash in on their properties. However, while Buy-To-Let mortgages continue to be in demand, Olympic lets simply are not flavour of the month and many remain available.
Research by online publication Landlord Today has shown that Olympic lets in Chelsea and Stratford remain available, to name only two locations. One of the reasons may be the rates offered which are in some cases nearly triple the rate that would normally be achieved in the area and landlords are now facing voids.
On the other hand, there are positive Olympics-related property news as well: Lloyds TSB reports a 33% increase in property prices in the 14 postal districts closest to the mains sites of the Olympic and Paralympic Games in London's East End. In March 2012, average properties sold for just over £270,000 whilst the going rate was just over £205,000 in July 2005 when London was awarded the Games.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment