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London Homeowners Rush to Rent out Their Homes (17 January 2012)

Date: 17/01/2012
Duncan Lewis, Legal News Solicitors, London Homeowners Rush to Rent out Their Homes

London residents are capitalising on the impending Olympic Games by renting out their properties to those who have purchased tickets for the event. Former England footballer, Sol Campbell, is reportedly renting out his townhouse in Chelsea for £75,000 per week during the Games. This is the equivalent of four times the townhouse’s value. Mr. Campbell's five-storey townhouse is amongst the most expensive of the short-term rentals available during the Olympics. Mr. Campbell is one of thousands of London homeowners looking to cash in on the hundreds of thousands of visitors expected to arrive in the capital this summer.

Industry experts claim that rental prices have increased fivefold as visitors from across the globe descend on London to see the world’s top athletes in action. Jemma Scott, who heads residential corporate services at Knight Frank estate agency, described the buzz surrounding the rental market during the Olympics as “unique and exciting”. London residents putting their properties on the market during the Games are set to either move to their other properties or spend time abroad. Amit Soni, who works as a negotiator for the agency, Glentree International, has told of how one American enquirer had contacted the agency with £1 million to spend on a three-month rental property during the Olympics. The demand for affordable short-term rentals is also said to be at an all-time high, with an increasing number of London residents willing to rent out their spare bedrooms as an alternative to hotel accommodation.

Duncan Lewis’ housing solicitors can provide London homeowners with guidance on constructing tenancy agreements.

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