LONDON landlords are ready to charge six times the normal rent during the 2012 Olympics, according to a leading estate agent.
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Rents in London have risen sharply since the bankers’ crash of 2008, as tighter regulations have ruled many would-be property purchasers out of the market and they have turned instead to rentals.
In the last year alone, rents have gone up by over 7% and now average about £1,000 a month.
But those rises are nothing as to what is expected next year, when rents are set to shoot up well before the Games, which take place in August.
“I reckon there will be such a rush next March when people who have got tickets realise that they don’t have any accommodation and by then rents could be more than six times the normal long term rent,” Lucy Morton, letting partner at agents WA Ellis, told Citywire.
Morton added that many landlords have arranged tenancies so that they expire in the first part of next year, freeing up flats for the 6x hike in rents.