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London Hotels cheaper than Renting during Olympics 2012
People renting out property in London during the Olympics in 2012 can expect to make a profit in excess of £4,500 over the Olympic period, it is claimed.
With the Olympic Games due to start in under 2 years, HomeAway Holiday-Rentals say that property owners will be making an average of £2,000 per week during the 16 day long sporting event in London.
"The switch from London hotels to holiday rental has been steadily increasing, with particularly high spikes in demand around major global sporting events. For the 2010 World Cup in South Africa, many visitors sought out holiday rental properties as an alternative to a hotel, which meant the average weekly income generated per property soared by almost 150%," explained Tim Boughton, the company's UK General Manager.
"As London will play host to visitors from around the world during the 2012 Olympic games, we anticipate demand for London rental properties to rocket, particularly those properties in close proximity to the key Olympics sites, with good transport links to London's top attractions," he said.
Property owners near the London Olympic park have also seen the value of their homes increase exponentially, with some average prices in the East of London rising over 26% in the last 2 years.
A few choice locations that are very close to the main site for the London 2012 Olympics have seen even greater price rises with Homerton and Shoreditch, both in the borough of Hackney, seeing average property increase by 69% and 53% respectively, far above the London average of just 36%.
"Some areas close to the London Olympic Park have experienced a sharp rise in property prices since London's successful bid to host the 2012 Olympic and Paralympic Games. Part of this rise is likely to have been due to an increased interest in property in these locations from both buyers and investors as a result of the associated regeneration taking place," said Suren Thiru, housing economist at Lloyds TSB.
East London will benefit from a significant upgrade in public and private facilities from hosting the London Olympics. The area will benefit from a huge 500 acre Olympic Park which will include an Olympic stadium and aquatic centre, along with numerous other sporting complexes and a 18,000 person Olympic Games village. Along with facilities, transport improvements will also take place with investment being put into increasing both the capacity and frequency of trains, as well as extending the underground system.
Due to the increase in property prices, renting private accommodation during the London Olympics will be extortionate. For cheaper and more affordable accommodation, whilst ensuring the uppermost luxury and comfort, view all of the London Olympics Hotels on offer from Hotels4-LondonOlympics.co.uk; however book in early, as rooms are filling up fast!
About the Author
Dave Martin is the author and webmaster of the London Olympics Accommodation website, www.Hotels4-LondonOlympics.co.uk, the ultimate resouce of London Olympic accommodation for the London Olympic Games in 2012.
