KENSINGTON AND CHELSEA HOMEOWNERS TOP EARNERS DURING OLYMPICS
With less than a year to go until London’s biggest party ever, where are 1 million plus Olympics visitors going to stay? Hotels and holiday lets were booked months ago but the fans are still looking. In fact, with 1 million more tickets yet to be released in spring 2012, fans’ requirements for accommodation and parking will only increase. Enter the savvy residents of Kensington and Chelsea who have wisely chosen to cash in on the action. Due to its world renowned status as the most prestigious London borough and within easy access to the Olympic venues and central London, Kensington and Chelsea residents will together with Westminster, Camden, Islington and Greenwich make the most amount of money from their empty properties, homes and parking during the Games.
How much can I get and is it worth the hassle?
“Making money from major sports events isn’t a new concept. However, it’s the perceived hassle of emptying wardrobes and fridges and hiding away the family heirlooms that will put homeowners off.” says Sarah Green, Director of Fanbed.com a website dedicated to sports fans accommodation and parking. “But the Olympics is no ordinary sports event. Demand far outweighs available properties translating into some big numbers for your 2-bed apartment According to Fanbed’s current listings and market trends, Kensington and Chelsea property and homeowners can expect to generate a weekly average of £85 for a parking space and £5,070 for a 4-bed house. Multiple these numbers by 2-6 weeks during the Games and you’ve got yourself a nice little earner. And if all goes well residents could follow in the footsteps of Twickenham and Wembley homeowners who regularly let their spare space for major sports events. “One of our property owners lets his driveway on match days generating enough money to put his two daughters through private schooling” says Sarah “But mostly residents see it as a way to escape London and pay for their holidays”
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