Despite the hype surrounding potential profits for London based landlords, the Association of Residential Letting Agents has said that many landlords have been left with expensive and empty properties.
Prior to the start of the Olympic and Paralympic Games, London was mooted as being a hotspot for high rental opportunities. Landlords were effectively sold on the idea that they would be able to gain hundreds of pounds in rental for a short term lease lasting just a couple of weeks.
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However, while exact figures cannot be obtained because of the number of unregulated agencies, there is clear indication that many landlords are still left counting the cost of empty properties.
Other problems also emerged for landlords and potential landlords during this period. Some failed to acquire the permission they needed from mortgage lenders and local councils while others made less profit than expected because many visitors expected serviced accommodation offerings. The Olympics may well have been a success for the country but was less so for the landlords that are still losing out now.
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