Starting gun fired for Islington landlords in race to cash in on Olympics
�Landlords in Islington can strike gold when the Olympics come to town after they were given the all clear to lease their homes for the Games.
Estate agents estimate rents will soar to five times their current rates during next summer, meaning homeowners could net a massive �20,000 for renting their properties for the two months covering the Olympics and the Paralympics.
Strictly speaking, landlords require planning permission to let houses for less than 90 days under the Local Government Act.
But despite recent reports in the media suggesting otherwise, Islington Council has given its blessing for private landlords to make the most of the once in a lifetime occasion.
Cllr Paul Convery, Islington Council’s executive member for planning, regeneration and leisure, said: “It’s fine if property owners want to rent out their homes as a one-off during the Olympics.
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“However, Islington has safeguards to stop housing being lost permanently to short-term lets. If home-owners want to do repeated short-term lets they need to apply for planning permission.”
The council has also stressed that council tenants who try and sub-let their properties could find themselves in hot water.
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Last year a total of 123 council properties were repossessed because of housing fraud.
Of this total, 49 properties had been illegally sub-let.