28 Jul

Olympics 'will generate good income for landlords'

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.ADNFCR-1222-ID-800007276-ADNFCR

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