Holiday Lettings news - 2012 Olympics see holiday lettings soar

2012 Olympics see holiday lettings soar

They may not be for another four years, but the 2012 London Olympics are already making waves in the UK property market, especially when it comes to holiday lettings. The Dorset Echo describes the emerging trend in the buy-to-let industry, which sees a potential switch from long-term to short-term rentals.

At present, many house buyers purchasing on a buy-to-let basis are offering six-month tenancies, guaranteeing them a regular income in the long-term. Nevertheless, realising the letting potential of the Olympics, Britain's homeowners, especially in the South East of England , are considering renting out their properties as a short-term base for fans for the duration of the Games. In particular, second-home owners in Weymouth , future host of the sailing events, are waking up to the opportunity that the 2012 Olympics offer.

Janey de Nagle Costello, manager of Sherwoods letting agents in Dorchester , commented on the possible demand: "I think that people will do very well out of letting their home for the Olympics if they are prepared to find themselves somewhere else a little bit further inland."

Nevertheless, landlords should not rule out the option of letting their properties long-term; de Nagle Costello went on to explain that the initial demand would be for holiday lettings, but that this would be "unsustainable as prices will go up exponentially," adding that some tenants would in fact plump for a longer let, as it would work out cheaper.

It is not just professional landlords who are thinking of cashing in on the Olympics - regular homeowners are also thinking of boosting their income. People should, however, proceed with caution if considering letting their home out temporarily, as Nikki Palmer of Dorset Lettings points out: "People have tentatively enquired as to what would be the going rate for renting out their house if they were moving into the garden shed for a few weeks in 2012, but it could be very difficult from a legal point of view. The question also is whether the property is going to be looked after and whether the stress and work involved is worth it."

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