Olympic Landlords Still Regretting Their Actions, says London Agent

01 December 2012 Categories: News

Olympic Landlords Still Regretting Their Actions, says London Agent

Thousands of London landlords who tried to cash in on the Olympic Games by evicting their reliable tenants are still regretting the decision now, months after the Games finished, says London agent Chesterton Humberts. The promise of huge paydays from short term Olympic lets that never actually materialised caused ‘greedy’ landlords to end tenancies and advertise properties at up to three times their normal rental amounts.

Months down the line however, the vast majority of Olympic properties remain empty, adding to the available stock in Prime London areas so that tenants now essentially have the ability to pick and choose their homes. According to Chesterton Humberts, they saw a 57% increase in their stock levels as they moved into Q3 i.e. following the Games.

Nick Barnes, head of research at Chesterton Humberts commented, “The balance of power in the prime London lettings market has shifted subtly in favour of tenants since the second quarter.

“The Olympics factor has impacted on the market, although not in the way that was anticipated. Instead of boosting demand it had the opposite effect and contributed to the increase in supply as more owners unsuccessfully marketed their properties.”