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I'm considering letting my flat for the London olympics. How much do you think I could get?

9 replies

bran · 06/01/2010 16:48

We are moving to Ireland but because DH will be travelling back a lot we will keep our flat here for at least a few years. As we won't be using it much I'm thinking that it might be worth our while to rent it out for the Olympics. I'm not sure how much it would fetch though.

It's in East London, on the DLR so easy links to most olympic sites. 3 dble bedrooms and 2 bathrooms, large sitting-room with river views (although I'm not sure anyone would care about the river view if they're here to see the olympics). There are 2 car parking spaces and a swimming pool and gym.

Any thoughts? I can't even decide on a ball-park figure.

OP posts:
stressed2007 · 06/01/2010 21:25

How would you let it? Are there agencies specialising in this kind of thing?

mistlethrush · 06/01/2010 21:36

Definitely agencies that are specialising in this in East London - MiL is almost certainly going to rent out her East London terrace for a good long stretch then and rent a gite in France or something

Jacaqueen · 06/01/2010 21:56

There will be agencies already set up to find properties.

We have just bought a house in the East Neuk of Fife which would rent for 4k while the British Open is on at St Andrews.

HerHonesty · 06/01/2010 22:18

prob less than you think, as half of east london are planning to vacate!

as a guide my parents get 4k a week for a 4 bedroom property with 4 offstreet parking spaces during wimbledon week. so on that basis 3k, but the dynamics are completely different as competitors get their own accomodation.

stressed2007 · 06/01/2010 23:23

does anyone have the details of any of these agencies please?

lowrib · 07/01/2010 00:17

Watching with interest

bran · 07/01/2010 09:29

HerHonesty, that's exactly what I'm wondering about how many people are planning to rent out their home vs. how many will actually do it. Also there are loads and loads of apartments in the Canary Wharf area, and lots of building going on in Stratford. A huge proportion of them are owned by landlords and let on 6 month rolling contracts. I'm assuming that if there is going to be a good return many landlords will get rid of their tenants and then re-let the property after the olympics.

Other sporting events are more known quantities because they occur every year and the housing stock is limited, for instance Southfields is relatively low-density housing and mostly families who might find it inconvenient to move out for Wimbledon. St Andrews is even less dense housing, but many are holiday homes so quite readily available.

After we move out the flat is going to need some updating (bathrooms, carpets, repaint the walls) and it would be quite nice if we could do it then cover the costs of the revamp by letting it.

I know that if we only get slightly above normal rate (£500-600 per week atm) we won't bother but if we get 10 times normal rent then we definitely will. I'm not sure yet where our price cut-off is, let alone what the actual rate is going to be.

OP posts:
bowbluebell · 07/01/2010 11:22

We are in a similar situation. Have a flat in Bow, which we are planning to rent out soon anyway. Our dimemma, as we want to move away from the area is whether to sell the flat when property prices recover (DH is convinced Bow is the new Notting Hill, I'm not so sure!) or to hold onto it til after the Olympics (to rent out, although lots of flat will be for sale on the Olympic site by then). I'd have a word with some reputable agents as I imagine that they are getting properties on the books now (Keatons is good).

Best of luck.....

stressed2007 · 07/01/2010 16:05

It seems that everyone wants to do this kind of letting on here but that no one has any phone numbers for it so maybe it is not that advanced a market yet?

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