Resurgence of Demand Due for Thousands of Homeowners Cashing in on the Lucrative Olympic Rentals Market, as the World Prepares for LOCOG's April Resale of Tickets

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Homeowners in the capital are harnessing a huge slice of the Olympic accommodation market by renting our their properties to visitors embarking on London for the summer games. (Source: London2012Rentals.com)

With current economic forecasts looking bleak, a mention of the summer Olympic games brings only one thing to most London residents minds. What type of legacy will remain after the games finish in September; an ever increasing tax burden compounding the current economic woes?

For others, there is the real prospect of tapping into a hugely lucrative rentals market that is seeing property rental prices spike during the Olympic games period in July and August. Homeowners in London and even as far afield as Sussex are advertising their houses, flats and apartments to visitors for the games at record prices. Given the multitude of Olympic venues stretching right across the country, properties are sought all over and its not just Londoners who are taking advantage of the prospective windfall.

Many lettings agents in London and the South East are being inundated with enquiries from homeowners to have their properties let, however this hand-holding service takes a large chunk out of any expected rental income.

London2012Rentals.com is the ultimate platform bringing prospective tenants and landlords together, allowing homeowners to avoid costly commissions commanded by agencies and to advertise their property for a small listing fee. London 2012 Rentals has added close to 500 properties to its Olympic rentals database in just over one month, and traffic to the website is growing day on day with visitors from over 40 countries visiting the site to search for accommodation daily. Despite speculation of weak demand, it is clear those traveling to London for the games are still actively seeking appropriate accommodation at realistic prices as hotel occupancy in the capital is stretched to maximum capacity.

Gary Clark, head of operations at London2012Rentals.com suggests homeowners demand a 'realistic price', stating that 'although there is clearly a large sum to be made, homeowners must be realistic and not demand excessive rates. Visitors understand there is a premium to be paid for Olympic accommodation, however they still want value for money and marketing your property right will enable you to secure tenancy throughout the Olympic period'.

With a resale of 1.3m tickets in April, Olympic organisers LOCOG believe there will be a resurgence of demand for accommodation as many people who had not yet secured tickets for events will now be making plans to head to the capital. For those homeowners who have entertained the idea of letting their home, there is no more opportune time than now for them to snap away some pictures and advertise their properties in the face of this new wave of demand as tickets for hundreds of events are snapped up fast by sporting enthusiasts around the globe.

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