ARLA says Olympic promises were empty
A spokesperson from the Association of Residential Letting Agents (ARLA), Peter Savage, has said that the hype surrounding Olympics and its impact upon rental demand in London has "never materialised".
Many offline and online letting agents were seemingly led to believe that they would experience a vast rise in demand for rental properties before, during and after the Olympic Games. However this hasn't happened, Savage claims.
"The consensus was that there was a huge oversupply," he suggested. "Many [agents] were not even aware of what was involved in short-term lets as some unregulated agents wouldn't bother with details like permission from the lender [if the landlord has a mortgage], the freeholder or the building society and the council."
What's more, he said some visiting for the Olympics were expected to be let a fully-serviced property - which many letting agents weren't offering.
"The demand that was expected never materialised," Savage concluded on Bbc.co.uk.
It isn't just letting agents that may have missed out though, as hotels were also encouraged to push up their rates dramatically to make the most from those visiting London. Due to lack of demand, they were forced to cut them unexpectedly, Londonist.com reports - something which may have impacted their profits.