‘Games short-term lets failed to materialise’

Mariella Petralia, Divisional Lettings Director for Felicity J Lord said: "There was so much hype in the run up to the Olympics about short-term lets and how much money prospective landlords could make. In the end, it just didn’t happen with visitors simply not prepared to pay five, even ten times the normal rate for the duration of the Games when they could quite easily book into a high-quality hotel in London for less than £100 per night.

"This has left some landlords with the prospect of potentially expensive void periods as they look for tenants and in all likelihood a fall in average rental rates due to a surplus of properties coming onto the market now that the Olympics are over.

"Our advice to landlords is always to look beyond the short-term and think medium to long-term every time if you want to maximise the return on your investment."

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