Britain’s wealthiest homeowners cash in on Olympics by charging rents of £55,000 a week (but is anyone actually snapping them up?)
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Premier League footballers are renowned for their huge weekly wages but most of them wouldn’t come close to affording the rental price of a top notch London property during the Olympics.
Rents have skyrocketed in recent weeks and the hottest property currently on the market in London is in Angel where the landlord is charging a phenomenal £55,000 per week – around £30,000 higher than the average weekly wage of a top flight player.
However, there is a feeling that those property owners who are trying to cash in on the draw of the Olympics may have been a little too greedy.
Splash out: This luxury eight-bedroom apartment in Angel, north London, which is described as a ‘summer rental’, is available for £55,000 a week during the Olympics, making it the most expensive Olympic rental property in London
Angelic features: This spacey eight-bedroom property in Angel is in a minimalist design
With the opening ceremony just a few months away, many homeowners are realising that the sublet bonanza promised by the Games may not be quite as lucrative as they expected.
Camilla Shaughnessy, owner of EventfulStays.com which offers rentals for sporting and cultural fixtures around the country, said there had been so much hype about Olympic rentals, whereas in fact they are just another event.
She said: ‘Yes, they are happening, sewa proyektor but it’s not the big boom-time that everyone thinks.
‘As it gets closer, yes it will get busier.But some people are being incredibly greedy when they are looking to rent their properties, and visitors are canny.’
Nevertheless, some landlords in the capital are still advertising rental properties at extortionately high prices.
The £55,000 a week Angel property is a four floor maisonette which boasts an open plan kitchen, a private courtyard and a roof terrace with panoramic views of the capital.
There is also two, two-bedroomed self contained flats above, which are accessed via a lift.
Only slighter cheaper at £50,000 a week is a south-facing seven-bedroom property in prestigious Chelsea only minutes from King’s Road and the River Thames.
As well as a magnificent swimming pool, it also has two reception rooms, a private garden, conservatory and roof terrace looking over Chelsea Physic Garden.
Five of the top ten most expensive summer rentals on offer by estate agent Foxtons are located in Notting Hill, three of which are in Chepstow Villas.
The most expensive is a six-bedroom period house over four floors close to Westbourne Grove and Portobello Road for £45,000 a week.
Hot property: This south-facing seven-bedroom property in prestigious Chelsea, only minutes from King’s Road and the River Thames, is available to rent during the Olympics for £50,000
Raise the roof: This sprawling property near the swish Kings Road in Chelsea is available during the Olympics for £30,000
Making a splash: The five-bedroom house comes with this beautiful swimming pool
The property has its own private driveway and an L-shaped drawing room with French doors to a balcony overlooking a 75′ rear garden.
Other high fliers on the rental market include a six-bedroom apartment in Lennox Gardens, Chelsea, which also has an asking price of £45,000 a week.
Set over three floors it is situated on one of London’s most prestigious garden squares close to Knightsbridge.
It boasts two kitchens, a dining room, a media room with an overhead projector, gymnasium and a shower room with a sauna.
Big money: The most expensive is this six-bedroom period house close to Westbourne Grove and Portobello Road on the market for staggering £45,000 a week
Fine dining: The most expensive summer rental comes with this modern-looking kitchen
Referring to their summer 2012 rental accommodation the Foxtons website reads: ‘With millions of visitors expected to visit London during the summer period, short term rental accommodation and holiday lettings are expected to be in strong demand.
‘To meet this demand, London will have approximately 100,000 hotel rooms as well as university and college halls of residences and other student accommodation, but the majority of visitors to the Games may opt for private, short term rentals, not only in Stratford, but across London and Surrey.’
Expensive tastes: This five-bedroom property in is available at £30,000 a week.Foxton’s letting agency still says that short-term rental accommodation and holiday lettings are expected to be in strong demand
Chic: The luxury rental market looks set to make owners a fortune but demand for the more ordinary home is not as buoyant as expected
Stylish: Upmarket Chelsea is another area with sky high Olympic rental values.This property in is available for £45,000
Fancy furniture: A search on gumtree.co.uk for ‘Olympics and sewa camera kamera rent in London’ reveals almost 3,500 private adverts
Internet searches reveal a host of specialist Olympic rental websites offering a much lower and more competitive price.
The luxury rental market looks set to make owners a fortune but demand for the more ordinary home is not as buoyant as expected.
Experts believes the problem is that compared to previous Olympics, many more people live close to London’s site and a lot of people are jumping on the bandwagon making supply exceed demand.
Room with a view: Despite the high rental prices many homeowners are realising that the sublet bonanza promised by the Games may not be quite as lucrative as they expected
Spacious: With space at a premium in London this 39ft by 75ft garden helps this London property to command a rental price of £45,000 a week
Specialist Olympics rentals sites – rentduringthegames.com, rentals4olympics.com, accommodationforthegames.com, London-property-rental-2012.com – have mushroomed over the past year, while estate agents report a surge in inquiries from property owners seeking to cash in on the Games goldrush.
A search on gumtree.co.uk for “Olympics and rent” in London reveals almost 3,500 private adverts; the company has said that asking prices for July 2012 were 445% up on last year.
The property website Findaproperty.com last month estimated the total Olympics market for private sublets at £314m.
Regal: The third most expensive house to rent in London during the Olympic period, this six-bedroom house in is on the market for £45,000
Boom time?If you loved this information and you would certainly such as to receive more facts relating to sewa camera kamera kindly go to our webpage. This flat-roofed seven-bed house in Notting Hill is on the market for just £40,000
Luxury living: High Street Kensington is also a popular spot with this three-bedroom property fetching £35,000 a week
Easy living: The three-bedroom house in Shaftesbury Villas is the 8th most expensive property to rent in London at £35,000 a week
High risers: This seven bed property in Chelsea is the second most expensive place to rent during the Olympics at £50,000
Bricks and mortar: Greenwich is another area of London where landlords are charging high prices to rent properties.This five-bedroom house is the 7th most expensive to let during the Olympic period in London
Open plan: Some are questioning whether landlords have in fact been too greedy in their demands for rent