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> False
start to Olympics |
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Article kindly provided by Julie Ford
Hemel
Landlord Property Network
www.hlpn.co.uk
07904 288188 |
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Many
of you may have heard the recent Radio4 programme
reporting the increased trend of unscrupulous
landlords who are attempting to cash in on the
anticipated high rents that the Olympics is hoped
to bring. |
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With
less than 80 days until the official opening ceremony,
Landlords and agents alike are getting excited about
the chance to cash in on the rental demand. Enquiries
are up on one site, searches are surging on another,
and reports show that rents are tripling in the areas
around Stratford.
But
with some landlords evicting existing tenants to find
whiling tourists who'll pay higher prices and agents
reporting hundreds of properties on their books with
no one to rent them, what's actually going on in London's
market?
The
reality is a large numbers of tenants in East London
are waking up to eviction notices, in some cases only
giving them 2 weeks to leave.
On
the one hand these notices are not necessariy legal
and if the tenants don't move out the landlord has
no leg to stand on, however it also serves as a worrying
time for tenants who feel uneasy about their position
and whether their home is safe.
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I
reported in my article ‘Fly
in the Olympic Ointment’ in January,
that London landlords were chasing the increased
rental dream, but recent figures have shown
that tourist, as yet, have not opted to rent
our cities property and at present are making
use of the many hotels, B&Bs and most suprisingly
the short term let easiliy available in HMOs
and room let's.
One
East London agent reported that a local landlord
had illegaly evicted his tenants, who were paying
a healthy £360pw in the hope of acheieving
£6000pw over the Olympic period, however
as yet had not had a single bite in regards
to rental enquires.
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Landlords
and agents alike still need to be mindful of the pitfuls
of short term letting in the Capital with the Greater
London Council (General Powers) Act 1973 provides
(as amended by s.4 of the Greater London Council (General
Powers) Act 1983) which stipulates that a private
residence can not be rented out in for a period of
90 days or less, unless planning permission is sort
for the change of use from permanent to temporary,
this Gold rush maybe a false start.
Will
we see a sudden influx of tourists queuing up to pay
over the odds for prime location properties, or will
we be disappointed that our Olympic dreams of gold
have been dashed by a more savvy visitor who has bagged
a cheap travel deal.
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About
the Author
Julie
Ford runs the Hemel Landlord & Property Network
The
network is predominately designed for landlords
and property investors, we offer advice and guidance
on all aspects of buying, selling, renting and
managing your property, whether you are a 1st
time landlord or a seasoned investor The Hemel
Property Network has all the tools you need to
help you make the most of your investment.
We
meet Last Thursday of the Month, at 19:00 and
encourage our guests to arrive early so that you
can get to know your fellow property networkers.
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