Stirling Ackroyd Predict The Olympics Effect For London's Lettings Market

Top Quote Stirling Ackroyd, give their predictions for the effect the Olympics will have on the London residential lettings market. End Quote
  • (1888PressRelease) September 09, 2010 - Today Alexander Jones, Lettings Director at leading London estate agent Stirling Ackroyd, gave his predictions for the 'Olympics Effect' - as far as the London residential lettings market is concerned. Stirling Ackroyd have been an independent firm of estate agents and property surveyors since 1986 and their pivotal role in the regeneration of both Shoreditch and Hackney is well known within property circles. Today the firm offers buyers, sellers and investors specialist advice on all aspects of both commercial and residential property throughout Bankside, Clerkenwell, Shoreditch and Hackney.

    In the face of some very exuberant reports of the Olympics Effect on the London property market, Alexander Jones' expert comments provided a typically calmer, more cautious outlook:

    "It's quite difficult to see how this is going to pan out because of the very short term nature of the lettings. There's also some uncertainty as to who's actually competing plus how many people are actually coming to London to watch."

    Investment and opportunities generated by the Games are predicted by many insiders to have an overwhelmingly positive effect on the London property market. House prices have risen by an average 15% since the second quarter of 2005 - but those in the areas around the games have seen their values soar far in excess of that figure. In three boroughs, this has increased values by at least a reported 35,000.

    But whilst some people are seeing the Games as a once in a blue moon chance to invest in certain 'surefire' property hotspots, this may not translate into a short term demand for premium rental property and Mr Jones is cautious in his assessment of the implications for landlords.

    "We have had a couple of Landlords find out our thoughts regarding getting their flats let to create a vacant period around the Olympics. However, we are yet to receive enquires from anybody likely to rent one!. At this stage, the demand is simply unknown so it's difficult to ascertain who wants what and how much they are willing to pay for it."

    "Personally, I think serviced apartments and hotel rooms are going to satisfy the majority of the demand. So while the overall effect is positive for London, I think in reality only a small percentage of the lettings market are likely to benefit from the games. That could be a property that is naturally falling empty around the time, or perhaps somewhere the owner occupier decides to rent out for a few weeks".

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