2012-02-06 11:40:06 - Do this years big events have an impact on London's lettings market or Residential property sales in the capital?

Property owners who are expecting to reap the benefits of increased rental returns during this year's big London events should not set their sights too high. The Olympics and Jubilee celebrations have not really prompted a mass surge of enquiries for short term lets;it appears that 90 percent of letting enquiries about this period are speculative enquiries coming from would be landlords planning to leave London during these busy events,and make a quick killing at the same time.

The Olympic or Jubilee Effect has also been used to promote the sale of London investment and buy to let property at overseas property shows. Recent surveys show that there has been a marked increase in Australian investment in residential buy to

let property. However,this is more likely to be the result of the strong Australian dollar and familiarity with the London rental market, than with a one off events.

Any other recent rise in overseas nationals increased interest and purchase can be directly traced back to events in the home country; Russians seeking a safe haven in the run up to unnerving presidential elections; Cash rich Greeks are also seeking a steady investment during uncertain economic times; Chinese investors have already replaced those from Russia and the Middle East as the busiest property investors, led by their Government looking to invest huge, surplus to requirements, sovereign wealth fund. No doubt these investors will also be able to afford some Olympic opening ceremony tickets too.

London residential property agent Robert Lazarus commented "London's annual events such as Wimbledon obviously skew the property market of surrounding areas, and boost rental income for the period, but property investment is a long term project and local regeneration benefits aside, one off events are unlikely to impact on property markets."