Wannabe Olympic landlords price themselves out of the market

11 April 2012 Categories: News

Wannabe Olympic landlords price themselves out of the market

The 2012 Olympic Games are nearly here but the predicted surge of foreign visitors looking for Olympic accommodation is still to make an appearance. According to several of London’s biggest letting agency names the supply of short term lets in the capital city now far outweighs the demand, and hundreds of wannabe landlords continue to add their properties to the list of available lets each week.

While Frank Knight, a well-known estate agency in the city, has had enquiries regarding entire property blocks, most estate and letting agents report a decrease in the number of enquiries they’re receiving from potential renters…and most think it’s because landlords are pricing themselves out of the market.

It seems some wannabe landlords think that Olympic visitors have unlimited funds for accommodation and as such are asking an average of six times the normal rent for their properties. For example, Zoopla, the online letting portal, is currently advertising a nine-bed property in Blackheath for £17,500 per week and a six-bed apartment in Knightsbridge for a staggering £80,000 per week.

Spectators of the Olympics will have already paid a substantial amount for tickets, flights and other expenses and understandably they rarely want to spend upwards of £6000 on accommodation for a week. Letting agents in the capital city are advising Olympic landlords to consider their rents carefully and not let the thought of ‘Olympic Gold’ cloud their judgement.