News: Olympics season rental opportunities draw mixed views
As the 2012 Olympic Games approaches, London property owners are gaining interest in the prospects of renting out their property for the period of 27 July to 12 August.
Some real estate players have advised against increasing rental prices specifically for the Olympics season for several justifications. In an exclusive article by HomeGuru earlier this month, Lucy Morton had disclosed that a larger chunk of enquiries received by W A Ellis (the agency at which Morton is senior partner cum head of lettings) were coming from landlords, indicating limited demand from tenants.
In spite of this, in a report by StarBiz today (17 February 2012), Henry Butcher Real Estate (Damansara) Sdn Bhd director Jazmine Goh relayed that there had been noticeable interest and queries from some of her clients, who are Malaysians owning property in London.
This is adjacent to a survey by findaproperty.com last year, which had revealed the rental market for flats, apartments or houses in London during the Olympics season to potentially be worth £314 million (RM1.5 billion), based on the finding that one in three owners were thinking about renting out some or all their properties.
Confidence towards rental opportunities is also growing amongst luxury London property owners, with Reuters yesterday reporting on an upscale seven-bedroom house in Mayfair slated to set a British record for the rental sum of £433,000 (RM2.07 million) per month or £100,000 (RM478,976) per week.
The article quoted Jemma Scott, who is head of residential corporate services at Knight Frank, to have said that "the figure is unprecedented for an open-market rental", adding that the house is expected to draw interest from "individuals in the Far East, Middle East and Russia."
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