Landlord News

Olympic Landlords to Cash In

It has been reported today that an increasing number of landlords are expecting to cash in on the Olympic Games in London during the summer months. It was already expected that many landlords would raise rental prices, but now it seems that tenants are being evicted ahead of the games. This is in order to rent homes to visitors that are prepared to pay much higher amounts for accommodation.

Antonia Bance of the charity, Shelter, has been commenting: “We're [seeing] landlords beginning to evict their tenants. Lots of letting agents are writing clauses into contracts being signed saying you can live here with the exception of this period [during the Olympics].”

She has also been explaining that this is causing trouble for many tenants in the capital city.

She has been quoted saying: “It's a strong possibility that a large number of East London tenants may face eviction, rent hikes and losing their homes as a result of the Olympics.”

Some experts have been warning that a shortage of accommodation could lead to some landlords becoming tempted to give some individuals their notice in April and May so that the property is free for them to offer it to Olympic visitors at heavily inflated prices during the summer.

It is believed that many landlords could charge as much as £7,500 a week for a two-bedroom flat in areas such as Hackney or Tower Hamlets as they will provide an easy commute to Olympic events. Normally rent is around £1,400 a month in such areas.