Olympic Games fuel London rental aspirations

One prime residence in Wilton Place in SW1 is on the rental market for a whopping £67,000 for a two and a half week period - almost four times its normal weekly rental price of £6,950.

Similarly, another property on Walton Place in SW3 is currently asking £40,000, but would normally only achieve £5,000 a week.

Louise Vaughan, head of London search at search consultancy Prospect Property, says; “Short let rental prices within London are soaring with the London Olympics set to commence in late July. With an influx of tourists expected to descend, and a lack of suitable hotel accommodation on offer, many landlords have seen this as an easy way to make a quick buck.

“Local agents are reporting a huge increase in short let properties available for the period, but with many of these being marketed at over-inflated prices. The result seems to be a huge disparity between supply and demand.”

Nevertheless, while high, the prices are not deterring prospective tenants. The owner of a house in Brick Street in W1 in Mayfair, who is requesting £10,000 a week for a four-week duration, has had two viewings and an offer of a two-week contract.

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