How to earn £15,000 during Queen’s and Wimbledon Championships
Walk out of Barons Court tube station – via your preferred District or Piccadilly line train – turn right and within 100 yards you’ll see the HSBC red colour scheme branded across a sign that welcomes you to Queen’s Club.
Because this and next week, in the leafy London Borough of Hammersmith and Fulham, the great and good of tennis descend on the square of fresh grass surrounded entirely by terraced houses four-plus stories high.
Queen’s marks the start of the grass court season in the UK and precedes the historic Wimbledon Championships just a couple of miles south. And for locals, it represents a chance to make a couple of bob in quick time.
Queen’s is an opportunity
Harry Fenner, former chief of Navana Property Group, tells City AM: “Sporting events such as Queen’s and Wimbledon present a significant opportunity and many benefits for property owners in West London – more specifically Fulham, Barons Court and Wimbledon – at this time of year.
“Most tennis players will naturally want to be based in close proximity to the courts and from my experience often seek high-quality, short-let accommodation which also offers comfort and privacy. They do not want to necessarily be put in hotels.”
Fenner talks City AM through the numbers, saying a standard one-bed property which normally fetches £2,000 per month could earn between £3,000 and £4,000 for just two weeks via a short-term let over this period.
That rises to between £5,000 and £7,000 for a two-bed and up to £15,000 for a four-bed house.
“If you compare it to the property’s typical monthly income, it is equivalent to a 50-150 per cent premium return on investment.”
Short-term let persuasion?
One local Barons Court resident tells City AM that he and his partner look at leasing out their two-bedroom apartment every year, although they’re yet to take the plunge.
“Those valuations would be enough to go away on a holiday and still have cash left over when we return,” they said.
Data gathered by Eviivo and Key Data applies the short-term rental market to last year’s Olympic Games in Paris. The research found that there was a 229 per cent surge in demand during the fortnight when the Games took over the French capital, but that resulted in a change in guest behaviour too.
Average booking windows shortened by 31 per cent, making it easier to book last-minute.
Adds Fenner: “Major sporting events – such as the London Olympics back in 2012 – can create ripple effects across the local property sector. Short-term rentals during Wimbledon can command up to three times the usual monthly rate, with homeowners earning anywhere from £3,000 to £15,000 over the tournament fortnight.”
So could the local residents be tempted, knowing it is still not too late?
Now or never
“We look at this every year but we have not been persuaded to venture into that short-term letting world,” they said.
“To be honest, the buzz around the place during Queen’s is electric anyway and it’s great to see the local area enjoying itself. We might get FOMO if we were away. Maybe one day.”
Be warned, though, Greg Tsuman, managing director for letting at Martyn Gerrard, says, citing the Government’s Renters’ Reform Bill and the possibility of some sneaky tenants.
“Landlords previously had certainty of a fixed-minimum term but tenants looking to rent on a short-term basis may try to circumvent the increased prices during the season by masquerading as longer-term tenants,” he adds.
“Under the new rules, there would be nothing to stop them from immediately putting in notice and leaving within a few months while benefitting from the cheaper, longer-term rent.”
Concludes Fenner: “It’s not just about income either as these events, especially as high-profile as Wimbledon, can enhance the profile of local neighbourhoods overall. This can drive longer-term interest from both domestic and international buyers and tenants.
“Wimbledon gives places like Fulham and Barons Court the chance to showcase the lifestyle and community offering of these areas on a very global stage.”
It all, then, seems to be very much down to personal preference. One thing is clear, though: there’s money to be made off the court.