Posts tagged ‘London’
The market isn’t big but the large sums to be made from this summer’s Games most certainly are, if the properties available to rent near Stratford’s Olympic village are anything to go by.
Stratford in East London, which normally features an average rental price of £1,700 a month, has been flooded with properties being offered at up to £10,000 a week, prices you might normally expect to pay in Chelsea or Kensington.
The area offers 277 such short let Olympic properties at the moment for between £4,000 and £6,500 a week, as displayed by our Smart Maps tool below.
Top of the pile is a house that’s ten minutes on foot from Stratford (see below), available for £10,000 a week or £43,000 a month. So what else remains to rent at the top of Stratford’s Olympic property market?
1. £10,000 a week
What: It might be sparsely furnished but it has seven bedrooms and therefore could sleep 14, making the rental price look more affordable per head.
Where: Ten minutes by foot east of Stratford Station in a quirky street of terraced mid-Victorian houses.
2. £6,500 a week
What: Three bedroom terraced mid-Victorian house that’s been expensively decorated throughout and includes an upmarket Italian kitchen. Comes with off-street parking, broadband and a twice-weekly cleaner.
Where: On a pretty and quiet street three miles south-west of the Olympic site. A bit out on a limb, but still just 20 minutes by public transport to Stratford station.
3. £5,000 a week
Where: A stone’s throw from the stadium overlooking both it and a canal.
What: Very large two-bedroom corner flat in a new-build block.
4. £5,000 a week
What: Three bedroom split level penthouse with three balconies, most offering excellent views of the Olympic site (pictured below).
Where: Five minutes by foot east of Stratford town centre and access to the Olympic village.
5. £5,000 a week
What: A furnished three-bedroom 1970s terraced house with a garden and, most crucially, off street parking. Has been refurbished recently.
Where: Just over the trainline from, and east of, the Olympic village. A five minute walk from Stratford rail and tube station too.
6. £5,000 a week
What: Noughties-built end of terrace family home in a residential-cum-industrial area. The attraction is its size – five bedrooms so will sleep ten people. Available only as a month-long let.
Where: Five minutes walk – and to the east of – Stratford town centre.
7. £4,800 a week
What: Tastefully decorated late Victorian terraced house with five bedrooms and a Zen style garden.
Where: Near Bow Street railway station, which is two stops (or two miles) south of Stratford.
8. £4,000 a week
What: Sportingly funky three-bedroom split level apartment with balcony. Pictures were obviously taken in late December, as there’s a Xmas tree in the lounge.
Where: Overlooking the Olympic village on a road to the west of the village.
9. £4,000 a week
What: Two bedroom new-build flat.
Where: Overlooking main stadium and canal from the west on a perimeter road.
10. £4,000 a week
What: A classy apartment in a recently-built block with three double bedrooms.
Where: Near a Unversity of London faculty next to the Olympic site.
This is a legacy post from the findaproperty.com blog which is now maintained as an archive within the Zoopla blog. Links have been preserved.
How much do you spend on your monthly rent? And if you’re no longer a renter, how much did you pay the last time you had a landlord or letting agent to keep happy? Unless it was a very long time ago, you probably spent a pretty penny and certainly more than you wished you had. So spare a thought for those who rent now, especially the growing numbers of single-person households living in small homes.
That’s because the latest FindaProperty.com Rental Index reveals the cost of renting a flat has reached an all-time high. Rental asking prices for studio flats have increased by nearly 7% in the past year to reach an average £718 a month, while one-bedroom flats increased by 2.5% to a record £660 per month.
Overall, asking rents have increased in the first quarter of 2012 and are now at £868 per month, 1% up on the same time last year, but below the record high of £890 in September 2011.
But it’s the proportion of take home income spent on letting a home that brings the renting story to life.
Tenants are now spending on average 38%, or £10,416, of their typical £27,242 net salary on rent. In London, it’s even more – households spend 71%, or £25, 824, of their average £36,384 net income on paying rent. Or think about it another way – the average rental household in London spends nearly as much on their rent in a year as the average UK household takes home as income.
There’s an important regional story here too. Renters in South East England spend the next highest proportion with 42% of take-home income going on rent; in the South West it’s 39%; in the East of England it’s 33%; and in the West Midlands, Wales and the North East it’s 32%. Those in Scotland spend 31% of their take-home income on rent; in the North West and Yorkshire it’s 29%; and in the East Midlands it’s 28%.
But what’s causing this? Quite simply, rents have risen because of stricter lending rules which have made it harder for aspiring buyers to get a foot on the property ladder. As a result, less of us are buying, more of us are renting and the increased demand for homes to rent have forced asking prices up. The good news is that mortgage lending was 30% up in March compared to January, according to the Council of Mortgage Lenders.
And while some of that increase is down to buyers scrambling to complete their sales before the end of the stamp duty holiday for first-time buyers, it’s still a good sign. Let’s hope we don’t have to wait too long for the trickle down affect on rents.
Over the last four weeks we have seen an increase of 161% in searches for the term ‘Olympics’, a trend that is almost certain to grow over the coming months.
International demand for short-term rental property in London over the summer is set to be fierce. Hotel room availability in the city during the Olympics is becoming non-existent with hotel rooms having been booked out months, and in some cases years, in advance making short-term property rentals a great alternative.
Consequently, with just under 5 months to go until the London Olympics, we have made it easy for the millions of international visitors heading to the capital for the Games to find accommodation. From the Zoopla home page we have linked directly to search results highlighting houses and flats available to rent in London as short-term lets during the summer.
With almost 1,000 properties in London currently listed to rent during the Olympic period, there is a vast range of options to select, from a one-bedroom flat for £200 per week within walking distance of the Olympic Stadium to a six-bedroom house in trendy Notting Hill for an Olympic £30,000 per week
So if you are visiting this Summer and looking for accommodation, here are som tips to help you.
Top tips for international visitors looking to secure an Olympic rental:
1. Use a reputable lettings agent, such as one listed on Zoopla.co.uk
2. Be prepared to make a quick decision to avoid any disappointment
3. Have all relevant references & identification paperwork needed ready
4. Check the location & nearest transport links using Zoopla map view
5. Make sure any deposit paid is protected by a tenant deposit scheme
Properties available as short-term lets during the Olympics can be found here