Olympics 2012 - renting out your house?

Pay_ALARP

Ok, so the general idea then is that it won't be worth it or the custom won't be there. Their valid points

I'm still hopeful though. I'm not entirely convinced at this time that it will all be catered for i.e workers in London will still need accomodation, it will be holiday season as well so there will still be tourists and people who already live there will still want to live there. I'm going to keep on open mind and see how it pans out.

Thanks everyone for your input. :T

lostinrates

Pay_ALARP wrote: »

, it will be holiday season as well so there will still be tourists

Thanks everyone for your input. :T

It could well be interesting if you are near any of the places listed above I guess...but holidays? Really, the whole world has known for some time the venue for 2012 Olympics....as a not-interested-in Olympics holiday maker I think I'd be saving the south of England holiday I'd always planned for, til the year after!

I do hope lots of people -including you- do make something in this way though, then at least it will help to go towards the HUGE tax bill we are paying just as the world economy flops :rolleyes:

GracieP

I don't think there will be any big money in it. But for someone who couldn't give a toss about the Olympics it could be a really great time to do a holiday house swap.:D

KLB

I live in Stratford, east London, very close to where the main stadium, etc is going to be. There are lots of small, Victorian houses round here (I’m in one) and for the last year or so, there hasn’t been much up for sale, but a lot of lets. I get the impression that everyone who owns a house is holding onto it so that they can either rent it out or sell it just before. There are quite a few new apartments being built, but I’m not sure how many are being sold though.
Personally, I don’t want to be in the area when the Olympics is on, whether I rent the house out or sell it before then I don’t know yet. Everyone I speak to, who are by no means experts, say something like ‘wow, you’ll make loads renting it out!’, but I’m not so sure… would be nice though!

LandyAndy

mitchaa wrote: »

All participating athletes and coaching staff will be housed in 5* hotels surely? Why on earth would they want to be homed in someones 2 up 2 down??

Only spectators will be looking for somewhere to stay and i would imagine half of them at the very least will be British or London based anyway, the other half from all over the world but again i would imagine hotels would be their 1st choice.

Olympics only lasts a few weeks, wouldn't be worth it. London i doubt will run out of hotels

:rotfl: :rotfl:

Did you watch the Olympics?

Did you wonder what the 'Olympic Village' was?

:rotfl: :rotfl:

Pay_ALARP

lostinrates wrote: »

It could well be interesting if you are near any of the places listed above I guess...but holidays? Really, the whole world has known for some time the venue for 2012 Olympics....as a not-interested-in Olympics holiday maker I think I'd be saving the south of England holiday I'd always planned for, til the year after!

Yes holidays.

I live in an area which has a lot of B&Bs and, in fact, some roads have totally been converted into guest houses. They are overflowing with tourists in the summer months and can't cope. They just get off the planes and use the guest houses as bases to go in and out of London each day.

I still think this has legs and keeping my eye open

GracieP

Pay_ALARP wrote: »

I still think this has legs and keeping my eye open

But how much realistically do you think there is to be made from it? The Olympics only last two weeks. So that is a month, at the very most, that you could rent your house for. Or some rooms in your house as it sounds like you intend to stay there too.

Unless you have a huge, well located house you'd only be looking at making a few hundred pounds 4 years from now. It doesn't seem like a lot to get excited about.

bookduck

Folks, the Olympics are on for 5 weeks, so put those 6 monthly AST's away

If you look back to the economy of many Olympic countries, the economy flourished in the Olympic year, then there was a down turn. So there will be a shed load of building contractors and pool cleaners out of work.

If you want to make money sell hot dogs and cola and pray to your God for a warm year, or become a pickpocket - happy, carefree tourists for the fleecing

Perhaps a market for tourists? Don't think your potential Olympic champ will rent out a place and use the local gym though, but I could be wrong.

UK PLC will probably be paying for hosting and cleaning up after for next 30+ years.

bubblesmoney

found this in the gaurdian about housing and the olympics

the big money will be spent by the govt and will be swallowed by the bigger fish and wont trickle down to common people i feel.

Organisers of the 2012 London Olympics have block-booked 1,925 rooms in some of the capital’s most exclusive hotels for international delegates and their spouses at a cost of £10m.
Top officials have been allocated 345 suites costing up to £3,000 a night at six Park Lane hotels including the Dorchester, the Hilton and Grosvenor House. Half the bill will come out of the coffers of London 2012, the Games organiser, in the most expensive block booking in Olympic history.

somebody has been telling porkys about the land appreciating at 20% annually and making a killing after olympics

see experience from other cities which say that olympics cannot be relied upon to boost property values. any effect is transient, IF there is any effect. see study done into previous olympics. whats worse is that the research says that there will be FALLS IN PROPERTY VALUES AFTER THE GAMES AS CAN BE SEEN FROM WHAT HAPPENED WITH PREVIOUS GAMES VENUES :eek: or maybe some recovery later to have modest increases but i dont know how this figures taking into inflation effects.

Global Insights - Reaching Beyond the Gold by Jones Lang LaSalle

June 2001

This report examines the legacies of four recent Olympic hosts - Seoul (1988), Barcelona (1992), Atlanta (1996) and Sydney (2000) - and takes a look at how their hotel, residential, office and retail property markets were affected. The study also examines the potential impact on the five cities short-listed for the 2008 Games: Beijing, Paris, Toronto, Istanbul and Osaka. "While the Games generate short-term economic gains, such as more jobs and increased revenue, other indirect effects - such as changes in the host city's urban form and governance - are farther reaching and longer lasting."

see this and other property reports on this link

icebergx

The best thing about properties near to the olympic site are the improvements to the infrastructure and regeneration in and around East London.
You're not gonna make any significant gains in terms of rental. Maybe a 50% increase for 2 weeks. Peanuts really.