London: Tenants moved out for higher income from tourists

Homes in London boroughs where many events are to be held are fetching between five and 15 times their typical rates as properties are rebranded as short-term Olympic lets.

  07/02/2012 15:08

Some landlords are also apparently enforcing expensive 'penalty' clauses for tenants who want to remain during the gathering of the world's top athletes.

Experts say those who are evicted or displaced by huge rent increases - as well as other tenants looking to move in July and August - will struggle to find affordable alternatives due to the temporary influx of tourists paying higher rates.



David Brown, 25, moved into a property Whitechapel, east London, with four other people last October.

When their contract was drawn up, he said the estate agent was adamant that if they weren't out by July 15 their rent would jump from £660 per week to a 'penalty' rate of £3,000 per week, which he cannot afford.

Elsewhere in London, tourists can expect to pay four times the usual price this summer. However, Mr Rebeiro said some agencies are seeking up to nine times the market rate.

Vincenzo Rampulla, spokesman for the National Landlords Association, said that evicting tenants wasn't necessarily going to be a smart financial decision for landlords.

'Do they really want to kick out the tenant who's been paying on time all year ... or are they going to want to squeeze out as much as they can for the Olympics, which is only a few weeks?' he asked.

However, Mr Rampulla acknowledged that some landlords would be seeking to take advantage of the once-in-a-lifetime opportunity by cashing in. 'I know people get crazy during these kinds of things,' he said.


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