Residents in some London boroughs need planning permission to let their properties short term - which is unlikely to be granted.
With only five months to go until the
London 2012 Olympics, many Londoners have thought about renting out their property to visitors, especially if they haven’t managed to secure tickets to any events.
Some over-enthusiastic reports say we’re heading for a property bonanza with rental prices up to five times higher than normal, which has tempted many homeowners to consider cashing in on this gold rush.
Olympic events in West London
Popular areas, especially among Americans, include west London, with its upmarket shops, restaurants, bars, museums and luxury properties. Nearby
events include
volleyball at Earls Court,
cycling at Hampton Court Palace, Richmond Park and Bushy Park, and
tennis at Wimbledon.
However Londoners are being warned they could be breaking the law and left facing a fine. BBC London has uncovered stark variations in councils' positions on the practice. Some have warned they will crack down on people renting out properties - but others have said it is not a problem.
“Londoners face a postcode lottery regarding their right to let their properties during the Games,” says Andrew Shaw of the Notting Hill branch of London’s fixed fee estate agent OliverFinn.
“The Games are unlikely to be in London again during our lifetime so it’s a fantastic opportunity for homeowners to make a bit of extra money as well as becoming part of the Olympics experience,”
Westminster Council for example, effectively bans short term lets of 90 days or under, unless planning permission is obtained - but this is rarely given. Residents renting out their homes during the games could be fined £20,000 and even get a criminal record.
Westminster Council has stated that it is important to preserve the rental market for longer term residents. Objections include the extra noise, disruption and litter caused by short-term residents, as well as the fear of crime.
London borough regulations
BBC London asked every council in the capital for details of what its policies were concerning short term lets. Some 27 London boroughs said they had no problem with properties being let for short periods and landlords did not require any planning permission.
But Southwark, Tower Hamlets, Islington, Kensington and Chelsea, Westminster and Camden warned that people who let properties for short periods without planning permission could be served with enforcement notices.
The lack of a level playing field means regulations are not policed in the same way across London. It's time for a review and to look at whether this is working or not and in the mean time, seek out advice from your local authority.
Should you stay or should you go?
- How much can you expect to earn from renting your home during the Olympics?
- What booking fee or commission is fair?
- How much can I earn before declaring it to the taxman?
- Are mortgage companies sympathetic to the idea of Games lets?
- Will my lease allow me to let my home for London 2012?
To find out more contact OliverFinn's Andrew Shaw MNAEA andrew.shaw@harperfinn.co.uk 020 3137 2801
“Londoners face a postcode lottery regarding their right to let their properties during the Games,” says Andrew Shaw of the Notting Hill branch of London’s fixed fee estate agent OliverFinn.
“The Games are unlikely to be in London again during our lifetime so it’s a fantastic opportunity for homeowners to make a bit of extra money as well as becoming part of the Olympics experience,”
Westminster Council for example, effectively bans short term lets of 90 days or under, unless planning permission is obtained - but this is rarely given. Residents renting out their homes during the games could be fined £20,000 and even get a criminal record.
Westminster Council has stated that it is important to preserve the rental market for longer term residents. Objections include the extra noise, disruption and litter caused by short-term residents, as well as the fear of crime.
London borough regulations
BBC London asked every council in the capital for details of what its policies were concerning short term lets. Some 27 London boroughs said they had no problem with properties being let for short periods and landlords did not require any planning permission.
But Southwark, Tower Hamlets, Islington, Kensington and Chelsea, Westminster and Camden warned that people who let properties for short periods without planning permission could be served with enforcement notices.
The lack of a level playing field means regulations are not policed in the same way across London. It's time for a review and to look at whether this is working or not and in the mean time, seek out advice from your local authority.
Should you stay or should you go?
