The New York Times reports today on the effect the Olympic Park will have on London:
The London Games, although lacking in geopolitical oomph, do have a big-ticket project: The Olympic Park in Stratford, a massive, multibillion exercise in urban renewal that will, at least for 17 days in July and August, shift London’s traditionally west-leaning axis to the east as tourists and Londoners alike disembark from tube and train among other transport options…
Read more - click the image
The cost of renting for flats has reached an all-time high, according to an index by Findaproperty.com. The property listings website said letting costs had risen overall in the first quarter of 2012 - the first rise since last summer. More here
The Today programme on BBC Radio 4 reports that tenants in east London are being evicted from their homes as landlords attempt to cash in on the Olympics.
The National Landlords Association has condemned the practice, saying it is more beneficial to landlords to have a good, long-term tenant in their property.
The influential New York Times travel section has published a guide on how to spend 36 hours in East London. Click the photo to go to the article…
NY Times Travel - 36 hours in East London
The average rate of a five-year fixed mortgage has decreased over the past year, from 5.59% to 4.86%. The last time they were this low was April 2010. The falls will trigger interest from home owners because many lenders will increase their Standard Variable Rates from May 1.
In an effort to showcase their CGI skills and their rich imaginations the architects Dowling Jones & Stone released plans for a floating motorway on the Thames supposed to prevent total traffic gridlock in London during the Olympics.
Tongues firmly in cheek they reported that it would be for exclusive use by Olympic “fat cats.” Plans include an extravagant interchange at Tower Bridge.
Thanks to Gordon Ryan at appliedsense.ie for pointing it out to us.
Click the photo for more great photos:
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The Obsever reported over the weekend that with the opening ceremony fast approaching, many homeowners close to the Olympic Park are realising that the sublet bonanza promised by the Games may not be quite as lucrative as they expected. This has been predicted by Findlay Property for the past 12 months.
Olympic Landlord
The Independent have published a realistic guide to letting during the Olympics. Here are the stand out points:
1. If you are currently letting it to tenants, don’t terminate your existing rental agreement for two weeks of higher rent – good quality long-term tenants are worth their weight in gold
2. Centrally located properties, waking distance from public transport will do well – remember too that guests will be expecting hotel standard accommodation
3. As a rule of thumb, look at 2-3 times the standard rental value of the house: a typical three bedroom property in Shoreditch which is convenient for the Olympic Park would let for £600-£800 per week so during the Olympics this would go up to around £2,000, maybe even £3,000.
The influential ratandmouse website reports that FT Advisor picked up on Council of Mortgage Lenders data showing rents beginning to fall and predictions by YouGov’s head of financial services that the UK would be a “nation of renters” by 2020.
The ratandmouse says that the piece points out increasing buy-to-let lending, too, and identifies a new trend among landlords… with rental properties seen as pension investments rather than the basis for larger professional landlord portfolios.
The New York Times today reports on the 300,000 Parisians who have moved across the Channel to Paris-on-Thames, aka London. They come in search of jobs and the global swirl: that raucous mix of innovation and grunge missing in a too-perfect Paris.
A new lycée, a new radio station (French Radio London) and a new electoral constituency all testify to the exodus, as did the appearance in London last week of the French Socialist candidate François Hollande.
More than 300,000 French now live in London, making it the sixth-largest French city. Most are under 40. They learn English and they learn that globalization is not merely the catalogue of woes so laboriously laid out by the French left over the past couple of decades.
Click to go to NYT story by Roger Cohen
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