More people seek property to rent in London

With just one year to go until the 2012 Olympic Games, interest in property to rent in London is hotting up, and not just in and around the Startford area, where the main events take place.

Whether a property to rent in Battersea or a property to rent in Hammersmith, among a host of other areas, demand in London is at an all-time high, reflected by rapidly rising rents.

Research shows that the rents being asked during the Olympics are four times higher than normal, with some landlords in London reportedly demanding up to £10,000 a week in rent for their homes during next summer's sporting extravaganza.

Landlord Adam Feather has a property to rent in Little Venice near Maida Vale, which he plans to make available during the Games.

Mr Feather told the press that he recently had his home valued by Foxtons estate agents and was told that he could expect to achieve between £800 and £1,000 per week during the sporting tournament. This in spite of the fact that it is only let at £200 per week on a longer term assured shorthold tenancy.

Additional research by Lloyds TSB shows that it's not just rents that are booming as a consequence of the Olympics.

The study reveals that for the six years since London was awarded the Olympics, property values in the areas nearest the Olympic sites have appreciated by an average of £60,000. Average residential property prices in the postal districts close to the Olympic site have increased from £208,148 to £266,730, up 28%.

Over £30 billion has been added to the total value of residential properties located in close proximity to the UK Olympic sites since the announcement in 2005, with £6.4 billion in added-value to house prices in East London alone.

Nicholas Leeming, business development director of Zoopla.co.uk, said: "There's no doubt that the redevelopment to a number of areas across the UK as a result of the Olympics has had a positive impact on property prices."

People thinking of letting their home out during next year's Olympic Games are being offered expert advice by the National Landlords Association (NLA), including their ten top tips.

Homeowners looking to let their homes are being urged to follow the relevant regulations in order to avoid any problems.

London-based estate agents Marsh & Parsons is one of a host of lettings specialists that expect to be inundated with enquiries for property to rent in London.

Hundreds of thousands of visitors are expected at the Games and the Marsh & Parsons Corporate & Relocation Services team is geared up to cater for a surge in demand for short term accommodation in London during the 2012 London Olympics and Paralympics.

London will host the Olympic Games between 27th July to the 12th August 2012, and the Paralympic Games will take place between the 29th August and 9th September 2012.

With offices covering central, west and south west London, they offer a wide range of properties to rent on a short (2 week+) or long (6+ months) tenancy.

Let the Games begin!

Source: Marsh & Parsons London Estate Agent - Property to Rent in Maida Vale

More people forced to seek property to rent in London

New research by Countrywide shows that the UK residential sales market remains relatively static as potential buyers continue to be hampered by mortgage affordability constraints, which in turn is fuelling greater demand for property to rent in London.

Countrywide says that the London property rental sector is buoyant. At a time when mortgage affordability remains a highly important issue despite many lenders easing lending levels in recent weeks.

The number of new tenants' registering for rental accommodation increased by 28 percent in May compared to May 2010. Consequently, there was a 15.5 percent rise in the volume of homeowners considering placing their property on the rental market in May compared to the preceding month.

Low mortgage affordability levels inevitably mean that more people are looking for property to rent in London. The high mortgage deposit barrier means more people are becoming part of 'generation rent' whether they want to or not. As demand for housing continues to massively outstrip supply, the cost of renting a home is also increasing.

With demand for privately rented property showing no sign of slowing down, London-based lettings agents Ludlow Thompson report that the summer season rental rush has already started – two months earlier than last year.

The company also reports that demand from tenants has improved rapidly in recent weeks, despite the summer rush not traditionally starting until July.

Stephen Ludlow, director at Ludlow Thompson, says: "We have seen a real leap in the numbers of prospective tenants so far this summer. Many groups of students and post university young professionals have heard how competitive the rental market is and are trying to get a head start on finding a rental property before the normal start of the summer surge."

There has been a rise in tenant demand across London. From property to rent in Maida Vale and property to rent in Little Venice, to properties in Earl's Court and Kensal Rise.

The greatest increase in inquiries for rental properties in London appears to have come in the corporate sector.

Marsh & Parsons report that a growing number of companies are looking for prime rental properties in London to attract and relocate senior staff to the UK.

A recent report by the leading London-based lettings agency shows that the average budget for a mid-market corporate let increased to £747 per week by the end of March this year – a 14 percent rise on the average budget a year ago. With seasonal growth and an overall rise in competition across the lettings market as a whole, the average corporate budget is expected to increase further throughout the course of this year.

Marsh & Parsons says that the number of prospective tenants searching for properties above £2,000 per week increased by a staggering 30 percent during the first quarter of 2011 compared to the same period last year.

The Marsh & Parsons report said: "As mortgage lending for buy-to-let investors begins to show signs of increasing accessibility for those with sizeable cash deposits, it seems buy-to-let in prime Central London may see a real renaissance this year as wise investors look to take advantage of the booming rental market."

Source: Marsh & Parsons Estate Agents – Property to rent in Kensal Green, Earl’s Court