Impact on Short-Term Accommodation

26-01-2012

Whilst the 2012 Olympic Games is sure to create a depth of excitement across the UK, Sterling is anticipating the rise of unique challenges facing those relocating into and out of London during this time.

The sheer volume of visitors already expected throughout July and August is likely to cause a shortage of available short-term accommodation and hotel rooms in and around the city; the London 2012 organising committee has already booked two-thirds of the available rooms in three-five starred hotels for Olympics officials, international federations, foreign media and others.

These rooms were booked at rates agreed before London won the Olympic bid in 2005, but in the coming months it is unlikely that hotel rooms will be found for less than double or even triple the price for the same time in 2011.

Landlords and letting agencies are also already inflating their prices, with some rents expected to be up to 50% more than the same time in 2011. Assignees with tenancies that are up for renewal during this time period are sure to hit issues; some landlords are refusing to extend in the hope of gaining a lucrative ‘Olympic let’, whilst others are negotiating break clauses and other conditions that weigh the agreement in their favour. Sterling are here to help; our expert coordinators are practiced in negotiation with landlords and letting agencies, and are in a position to negotiate with them for you. We recommend making plans well in advance for accommodation during the Olympics.

For more information on challenges facing those relocating in and out of London during the Olympics, and for a comprehensive list of Sterling’s resources, please click here