Olympics bonus for London home owners

The London Olympics are going to bring a huge bonus to people who own property in the capital city as it is expected that rents are going to be four times the normal rate. An example of a property that is being let out of people during the Olympic Games is a seven bedroom house located in South Woodford as it is estimated that is going to be let for around £10,000 a week.

It is expected that the demand is going to peak just before the games, which are taking place in August. Woodford, as well as Wanstead, are expected to be two areas where visitors are going to pay a particularly large amount to stay in because of their close proximity to most events.

There are many websites offering houses to let during the Olympic Games but only three of them have property available in these areas. The value of the rentals for these three properties is over £50,000 combined.

From Abode estate agents, which is located in Woodford Green, is Adrian Mitchell who has commented, “The areas closest to the Olympic Games are going to bring in the most money and many people are considering letting their home to visitors during the event. People are going to be able to earn in a single week what they normally charge for a month”.

Another lettings manager in the area is Mark Lissen who has stated, “Many people are interested in renting in this area because it is very difficult to find somewhere to stay during the Olympic Games. Those who own the homes will be keen to get out of the city during this very busy time and they will be able to make a nice amount of money on the side. The problem is many of these people have no experience in letting”.