Olympic Games to offer boost to London landlords
The Olympic Games is to provide a boost to rents in the capital in 2012, according to self-service lettings agency, UPAD.
James Davis, chief executive of UPAD, predicted a “renter swell” in the coming months as first time buyers struggle to get on the property ladder.
Writing for MyIntroducer.com, he explained: “We believe there will be a modest two to five per cent increase in rents outside of London, while in London, rents will hike up by around five to ten per cent, propelled by events such as the London Olympic Games.”
However, he also predicted more landlords could see tenants defaulting on their rent as the cost of living rises.
Mr Davis said the trend for using online letting agents is on the rise, and more landlords are expected to explore self-service letting.
The National Landlords Association recently suggested that more homeowners are to turn their hands to becoming landlords, as low house prices discourage people from selling.
A new guide has now been released detailing the obligation of those letting a property, including taking out comprehensive landlords insurance.
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