28
Jul
Olympics 'will generate good income for landlords'
The London 2012 Olympic Games are likely to provide good income for
landlords with a property to rent in east London, according to a
recent report.
Earlier this week, HomeAway Holiday-Rentals predicted that
landlords could generate an average rental profit of £4,500
during the tournament alone.
This, it said, would give them an average of £2,000 per week
from tenants, including people who have come from abroad to watch
the Games.
Property expert Richard Everitt agreed that there is likely to be
an increase in rental prices in London.
However, he attributed this increase as a result of other
development projects, as well as the Games.
He said that the opening of the Westfield shopping centre and the
Stratford City regeneration programme were also likely to hike up
prices.
Mr Everitt added that while all rental values in the capital are
set to rise, those in east London were likely to increase faster
than in other areas of the city.
This supports Lloyds TSB findings released yesterday (July 27th),
which showed that property prices in east London had risen by 26
per cent since the London 2012 Games were announced.