London (PRWEB UK) 26 January 2012
There is no doubt that the staging of the Olympics in the UK this year will create global interest and demand for accommodation. Hundreds of thousands of people will come to London and other major sporting venue areas for the Olympic and Paralympic Games as ticket holders, or simply to soak up the atmosphere, predicts UK estate agent M Winkworth Plc ("Winkworth").
Previous predictions were cautious and divided, but opinion amongst leading economists has changed recently, partly due to the progress of regeneration plans for areas like East London, and to the positive effects on tourism of the ‘feel-good’ factor created by the Olympics and the London Festival 2012.
The Athletes Village has already attracted substantial overseas investment, and will create essential new housing for east London post Games. Stratford was already a well connected location accessible to 75% of London's major hubs within 25 minutes and 7 minutes to Kings Cross. The Olympic Park is due to establish it as an attractive family housing location with new parks, open space and community facilities. A new Westfield shopping complex has recently opened, and along with the Games and additional spin-off businesses, is set to generate an influx of employed personnel looking for accommodation.
Construction in the areas surrounding the major sporting venues is well underway with developers enticing young professionals and investors to buy into the "luxury living" properties built to take full advantage of the potential sky-high rents during the Olympics.
The UK as a whole will also benefit from the long-term tourism boost and the appeal of the London Festival 2012 which is set to present 10 million opportunities across the country to experience free cultural events including music, theatre, dance, literature and the visual arts.
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