Home » Housing Market » 161% increase in ‘Olympic’ searches over last 4 weeks

161% increase in ‘Olympic’ searches over last 4 weeks

With hotel room availability in the city during the Olympics almost non-existent at this stage, short term property rentals in London are proving very popular and Zoopla.co.uk has seen an increase of 161% in searches for the term ‘Olympics’ on its website over the past four weeks alone, a trend that is almost certain to grow over the coming months.

With almost 1,000 properties in London currently listed to rent during the Olympic period, there is a vast range of options to select, from a one-bedroom flat for £200 per week within walking distance of the Olympic Stadium to a six-bedroom house in trendy Notting Hill for £30,000 per week.

Nick Leeming, Business Development Director, Zoopla.co.uk said: “International demand for short-term property lets in London over the summer is set to be fierce. With hotel rooms having been booked out months, and in some cases years, in advance short-term property rentals are a great alternative. And many London homeowners looking to escape the capital during the Games are offering up their homes as a way to cash in.”

Zoopla’s top 5 tips for international visitors looking to secure an Olympic rental:
1. Use a reputable lettings agent, such as one listed on Zoopla.co.uk
2. Be prepared to make a quick decision to avoid any disappointment
3. Have all relevant references & identification paperwork needed ready
4. Check the location & nearest transport links using Zoopla map view
5. Make sure any deposit paid is protected by a tenant deposit scheme

Have your say on this story using the comment section below

0 thoughts on “161% increase in ‘Olympic’ searches over last 4 weeks

  1. Quite a frustrating article and the ‘tips’ are not that great eaither…..and here’s why:
    1. Whilst I appreciate Zoopla are looking to promote agents that advertise on their site (which we do and are big fans of Zoopla) there is no ‘joining criteria’ for agents for this site. Therefore an agent simply appearing on Zoopla assures no one of any form of good ‘reputation’. Instead clients should be advised to only deal with agents that are members of at least one lettings regulatory body such as ARLA, NALS, SAFEAgent or TPO (Lettings)- with specific emphasis on a company with CMP (Client Money Protection in place). But this is not enough as membership of ythese bodies does no guarantee good service- it just improves the likelihood. Once you have a shortlist of agents then research them on line to see what reviews can be found about them.
    2. Fair enough- but don’t rush in, make sure you are using a reputable agent and are getting value for money.
    3. References are not usually taken for short lets- were you referenced the last time you booked a Hotel? Short lets usually work in much the same way. You should, however, be required to provide proof of ID and current address to meet AML (Anti_money Laundering) Legislation.
    4. Sensible- I have seen ‘Olympic Lets’ being marketed which are nowhere near the venues. I have even seen some listed well putisde of London. Definitley check the location and local transport network.
    5. Short lets are not done on an AST (Assured Shorthold Tenancy) Agreements and therefore the Deposit Legislation does not apply in this instance. Once again, much like a hotel, deposits are not usually secured for short lets. I would be veryu dubious of anyone asking for a sizeable deposit in this instance.

    Whilst percentages sound fascinating- I would love to actually hear the figures. How many people are looking. More to the point, however, how many are actually renting. I have serious reservations over the actual demand that there is with many visitors having organised and secured their accommodation months back when they secured their Olympic tickets. Who buys tickets and flights and then leaves accommodation to the last minute? I doubt Zoopla could possibly know this but I would also love to know, of the searches, how many of these are being undertaken by agents and interested Landlords?

    Be warned, the Olympics does present some opprtunities but is not the Golden Goose that everyone thinks. And all local agents are ignoring the elephant in the room- what will happen to the local market (both sales and rentals) post-Olympics when thousands of flats all hit the market at the same time? I strongly urge Landlords to do their research and assess all elemnts of this opportunity (good and bad) and not be fooled by reckless agents and companies quoting ridiculous rents with no ‘end result’ to back it up. Over-valuing has long been an issue in our industry and the easiest way to obtain market-share but an agent’s simple say-so does not make it fact.