Don’t pack your bags yet – short-term renting for the Games might not be worth the trouble! Homes & Property reports:

Six councils – Southwark, Tower Hamlets, Islington, Kensington and Chelsea, Westminster and Camden – are so concerned about “pop-up” hotels during the Games they insist residents must apply for planning permission before letting their homes for less than 90 days. This could cost up to £400, and your chances of success are limited.

Westminster, which is particularly strict on the matter, is hiring four extra council officers to hunt down homeowners illicitly letting their properties, and the penalty for transgression is a fine of up to £20,000 and a criminal record.

So far I have seen one planning application presented to Westminster Council. Will be interesting to see how many landlords actually do this properly, which is the only reasonable way, really.

Read the full article in Homes & Property

Finally, someone sane to bring London landlords back to earth! The panic in the capital is getting out of hand as many tenants are losing homes because of the Olympics. So we are glad to read estate agent WA Ellis‘ words of caution in their latest newsletter:

We are now receiving enquiries in their droves about lettings over the Olympic period from 27th July to 12th August or realistically from 20th July to 19th August. The Paralympic games start on 29th August until 9th September and so at the very best, the requirement will run from 20th July to 16th September. Interestingly, 90% of these enquiries are coming from landlords which tells a story in itself. At the moment there is very limited demand from tenants. Most prospective tenants will have booked their tickets and their flights/transport arrangements and you would have thought their accommodation too which is why the majority of the best hotels are fully occupied.

…

The major drawback is the void period running up to the let and more importantly, following the let. If long term investors jump on this Olympic bandwagon and launch their properties back on to the market in September, there is a strong risk that there will be a sudden surge in supply of properties available without the demand. We are already noticing a reduction in demand levels. I believe that the lettings market plateaued in October 2011 and in some areas is now marginally dropping. The reason for this change in market conditions is that the City is not employing its normal influx of expats and it is these tenants who underpin the lettings market.

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These Olympic landlords will also need to apply for planning permission to let their property for less than 90 days. Without it, they are breaking the law and could be fined up to £20,000. The future sale of the property could also be affected as any enforcement notice will be registered as a legal charge and this may deter future buyers. A short let may also invalidate some insurance policies. If the rent is under £1923 per week, it will become an AST (Assured Shorthold Tenancy) and therefore a Section 21 Notice must be served. If the tenant refuses to leave, they may be able to stay for six months until Court proceedings can be initiated.

The final major risk is the wear and tear element. How can you be sure that the tenant will treat your property as their home during this short period? No deposit will cover the replacement value of furniture and fixtures and fittings, let alone any replacement of carpets or redecorations. All references on tenants should be checked carefully.

Read the full post here.

We love receiving emails from our readers, especially when they contain some good advice!

Here’s an idea for those of you who do not have tickets for the Olympics and therefor want/have to to get away from the city for that time:

Good Morning,

My Name is Lloyd James and together with my Wife Janet we run Graig Farm Cottages in Mid Wales.

I have been trying to think outside the box a bit, and trying to bring some of the benefit of the Olympics in London to Mid Wales.

My understanding is that many people in London are renting there houses out for the 2-3 Weeks of the Olympics, and using the Money for Holidays etc.

I am not sure how much trouble you are having persuading people to part with there homes for the period of the Olympics, but why not offer them a Holiday in Mid Wales, as part of the Package.

With weekly prices starting for the Olympic Fortnight at £ 470.00 for a Cottage sleeping 2 People and up to £ 1000.00 for a 5 Star Cottage sleeping 10 people, you can see that it starts to make sense.

Rent your House out for £ 3000.00 for the week, Rent a cottage for £ 500.00 profit of £ 2500.00 per week.

As I said I am trying to think outside the Box.

Please have a Look at our Web Site on

www.graigfarmcottages.co.uk

If you would like a Brochure and a Price List, please e-mail me back.

I thank you for your time in reading this e-mail and I very much hope you will give my proposal some consideration.

Lloyd James
Graig Farm Cottages.
Y Graig.
Llanfair Caereinion.
Welshpool.
Powys.
SY21 0ES.

Phone: 01938 810961 (Day time) / 01938 820111 (Evening)
E-Mail: info at graigfarmcottages.co.uk

Let us know what your plans are for the Olympics – will you be able to stay in your rented home? Any exciting getaways you can recommend?

Unless I decide to go to the games myself, I am willing to think about moving out for a couple of weeks as the money my landlord would earn from this short let could be used for refurbishment in the future. The only problem would be moving some of my things and also, you have to consider that short lets are risky.

*Most expensive Olympic rentals in PrimeLocation

It is an interesting time in the London short-term lettings market as the Olympics are getting closer. The selection of flats and houses has never been more colourful and probably never will be again. During the first month of 2012 the number of offers has risen significantly and so have the prices!

The most expensive property for rent during the games is a seven bedroom house in Mayfair, available through Knight Frank. You can rent it for £100,000 per week!

We can recommend PrimeLocation for the best selection of exclusive properties.

London 2012 Olympics are six months away but if you have not secured a rental home for that time yet - you better be looking right now!

These websites will help you get started:

RentForOlympicGames.com Over 300 private listings.
PrimeLocation.com Rentals Offers by estate agents. Enter ‘Olympics’ to the keywords line in the search – we got over 800 results today!
FindaProperty.com Short Lets Arranged by sports events.
London Games Rentals Contact the owner direct, no charges for tenants.
Rent it For The Games Offers from private landlords, direct contacts.
Rent At The Games Free to list site, currently 149 offers on the site.
Rent For The Games Offers from private landlords. 84 offers currently.
Loot 2012 Rentals dedicated site by the classifieds newspaper Loot.

LETTING AGENT SITES

Draker Lettings Olympic rentals Draker Lettings have a variety of excellent Olympic rentals available for London 2012.
Foxtons Olympic Rentals Rental accommodation during London 2012
Hampton International Olympic & Sport Lets Short-term let properties that are in the vicinity of the Olympics and other major sporting events.

SERVICED APARTMENTS

Clarendon Olympics Serviced apartments
Refresh Accommodation Olympics Services Rent from one night up to the full duration of the Olympics.

For more rental listings see our: Property Websites page.