|Going For Gold at The Olympics|
Good quality Ealing properties are in demand for 2012
Next year's Olympics will see visitors flocking to the capital - many looking for decent accommodation.
Have you thought about renting out your property during this time?
Northfields Estate Agents say you might be surprised by how much can be made:
With the 2012 Olympics fast approaching, demand for accommodation in London is already beginning to soar. Unsurprisingly the same can be said for rental prices and with such opportunities arising a large number of homeowners have spotted the chance to make a profit on their residence during one of the busiest and in demand periods London has ever seen!
When marketing your property for the first time there are a number of things you need to take into account. Firstly you need to decide what sort of tenants your property would be best suited to and who you would want to market it to.
Around the Olympic period the clientele will be slightly different to the usual; this can range from visitors coming to the city, Olympic sponsors or officials and corporate tenants working for the event. Once you know who you want, all you need to do is decide how you want to find them. Whilst you can take on the role of ‘Agent’ yourself, this can be very time consuming and risky. The safest and most efficient way to market your property is through a trusted estate agency with a solid referencing system so you’re not left with any sticky situations when it comes time for the tenants to end their stay.
The market for this unusual time of year is likely to change rapidly in close proximity to the time of the event taking place. When looking at the effects the Olympics had on their other Host cities such as Sydney and Beijing in recent years, the sudden upsurge in prices was present in each, implying that we can definitely expect the same here in London.
The Olympics will without a doubt offer an increase in property value for most would be landlords. Those with the most potential will be within very easy access to Olympic village. While properties in the immediate vicinity in areas like Stratford and Greenwich will be achieving rents in excess of 35 times the average, there is still a very substantial profit to be made in Ealing.
For those of us living in Ealing, the properties with the biggest chance of a high profit margin will be within 10 minutes walking distance of the main train stations in Ealing. In these prime roads rents for the Olympic period will be comparable to 5* hotel room rates. We are expecting properties in Ealing to achieve daily rents equivalent to weekly rents in a normal market. Naturally these properties would need to be fully furnished down to the very last detail including bed linen, kitchen appliances, cutlery and utensils.
As an example, a high standard 2 bedroom flat on Windsor Road, W5 normally achieving £1500 per calendar month could achieve rents of £350 per night (equalling weekly rates in excess of £2,400). A 1 bedroom flat on Gordon Road dressed to the same standard could fetch in excess of £280 per night (tempting enough to consider crashing on a friend’s sofa for the duration!). As a general rule of thumb for 3+ bedroom properties the rents achievable will be around 400% greater than current market values.
With such great rates available we could all do with a little pinch of inspiration from the local homeowners in Wimbledon, who’s 400-500% rent peaks have motivated them to take yearly holidays over the Tennis Championships. One landlord in particular took advantage of his profit by holidaying in Brazil, Mauritius and taking a luxury water-ski break in three consecutive years!
By phoning us or popping into one of our offices in Ealing Broadway, Pitshanger Lane or Northfield Avenue, Northfields are always available to help you with more information on your property’s potential over the Olympic period and even securing a valuation of your property both at current market value and Olympic market value.
Our experienced valuers can also advise you on when the best times are to put your property on the market in order to get the most out of the Olympic period.
If you do want to let your property out over the Olympic period or are just curious as to how this will affect Ealing, call into one of our offices or visit our website.
With the event fast approaching now is the time to be thinking about getting organised and Northfields are more than happy to help your property make a difference throughout this epic landmark in our city’s history.
Northfields Estate Agents
Winners of The Sunday Times 2010 prestigious UK estate agent of the year award
23rd November 2011