Olympic teams and their fans that base themselves in their 'national house*' locations will pay impressive premiums for short-let accommodation according to Hamptons International. Recent research highlights that rental properties in both Stratford and Prime Central London can command premiums of between 50 and 240 per cent.
The Great Britain team, which will base itself in Stratford will pay the highest premium (240 per cent) for short-let accommodation close to the stadium. Homeowners of an average two bedroom apartment in Stratford who usually rent their properties for £380 a week can charge an average of £912 during the Olympics.
Lesley Cairns, Head of Lettings at Hamptons International says: "Opportunistic owners of good quality rental properties in and around 'national house' locations may be able to capitalize on the impressive Olympic premiums. Enquiries for short-term rental properties in London are set to speed up over the next few months and therefore now is the time to register with a short-let specialist such as Hamptons International to ensure your property is ready to let over the Olympic period."
The Japanese team which is basing themselves in Mayfair (close to its embassy in Piccadilly) will pay the highest average rent per week for a two bedroom apartment (£4,221) which represents a 110 per cent premium when compared with average long let rental prices. Areas such as Muswell Hill (The Netherlands) and Finsbury Park (Jamaica) represent the best value for money with premiums of around 50 per cent.
Adam Challis, Head of Research at Hamptons International says: "It's likely that Prime Central London will form a base for many of the Olympic visitors due to the high concentration of 'national houses'. Mayfair is expected to outperform as the rarity of Olympic short-lets will create significant price pressure in an already popular short-let market. SW7 (Kensington) will be a big wind down/party area and a popular base - Team USA will also have a large entourage in SW7 that will put demand pressure on available properties. Those looking for value should consider areas in North London where the over-ground train directly reaches Stratford."
*National House locations relate to areas where countries traditionally like to base themselves in London, either close to their embassies or where a large majority of their London residents live.
For media enquiries please contact:
Henrietta Clayton, Senior Press Officer, Hamptons International
020 7758 8405/ 07866 529 159/ firstname.lastname@example.org