How Did the London Olympics Affect Short-Term Holiday Rentals in London
For months ahead of the London 2012 Olympics commentators predicted that the city would be packed to the rafters and that it would be very difficult to find short stay apartment rentals in London.
LONDON, ENGLAND, September 23, 2012 /24-7PressRelease/ -- For months ahead of the London 2012 Olympics commentators predicted that the city would be packed to the rafters and that it would be very difficult to find short stay apartment rentals in London.
Newscasters predicted that rents would rise and that those wishing to come to the city for a short break would find a shortage of accommodation. This has not been the case, museums were 30% down on their usual summer visitors and many hotels found that they had to reduce their rates in a bid to attract custom. It has even been reported that hotel in London's fashionable Hyde Park had to make price reductions of up to 80%.
Many Londoners who had thought that their flat could be let for a king's ransom were disappointed. Set rates with letting specialists, including Loving Apartments, proved to be a far more economic choice for most London visitors.
According to The Independent there were signs as early as April 2012 that the short-term rental market was about to overheat and ambitious landlords could find themselves priced out of the market. A spokesman from The British Hospitality Association pointed out that: 'London has 110,000 hotel beds... within easy travelling distance of the Olympics,' so many of those hoping to cash in on the occasion might be disappointed.
The industry newspaper Property Wire said just before the Olympics that possible projected rental shortages would result in a surge of lettings in September. Many holidaymakers might choose to take a late break rather than risk the predicted Olympic congestion. Another factor to take into consideration is that many employees relocating to London might well defer their move until after the Olympics.
With an expected 2.5 million visitors expected for the Paralypmics at the end of August, the number of existing rentals in the capital are expected to cope with this visitor influx. Those homeowners who saw the Olympics, as a way of exploiting the hapless visitor may well be disappointed.
Property Wire reports that the private rental market is doing well in and around Stratford but this success has not spread to other parts of the city. A letting agent in Stratford confirmed:
"Although we have seen some rental prices increases I have warned landlords to focus on keeping the prices realistic and not to demand too high a premium [...] while undoubtedly the London 2012 Games will help boost the economy and the rental income for central London landlords, they still need to be realistic."
All of this is good news for anyone wishing to attend the forthcoming Paralympics as it means that those who wish to find short term accommodation in central London, will be able to do so at a fair price.
With London taxi drivers reporting that their fares were down by 20-40% during the Olympics and even London's mayor, Boris Johnson admitting that the much vaunted Olympic effect on business has been 'patchy' it would appear that any visitors can expect to find London is open for business as usual.
This means that they will easily be able to find somewhere to stay during their trip - and without paying a small fortune for the privilege.
Loving Apartments has been providing guests with great value apartment rentals, in some of the most popular European destinations, since 2003. Whether travelling for business or pleasure, we offer a range of stylish apartments to suit your needs, from budget to luxury.
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