London rental market 'unaffected by Olympic build-up'

Posted: 07 Dec 2011 11:38:15 GMT

The build up to next year's Olympics has reportedly had limited effect on the rental market in London.

Landlords have noticed little difference to the rental market in London during the build-up to next year's Olympic Games, it has been revealed.

Daniel Burgess, managing director of discountletting.co.uk, claimed the sporting event is currently the "last thing on the minds" of industry players, with many concerned about their financial situations in the coming months.

The expert went on to state that demand for rental property is currently extremely high due to the difficulty many people are experiencing to gain access to a mortgage.

Additionally, a substantial shortage of suitable properties for landlords is an ongoing issue, with a high number of visitors set to look for a residence during the Games next year.

"This only has one effect on rents, which is that the average rent in London is increasing," Mr Burgess added. "This move isn't down to the Olympics it's simply down to supply and demand."

His comments were made after Alan Ward, chairman of the Residential Landlords Association, noted there is no indication that fewer people will want to move into rental properties in the near future.  

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