Homeowners hoping to make a killing from the Olympics are likely to be left disappointed, according to renting website SpareRoom.co.uk.
Research from the rental and flatshare specialist revealed that 89 per cent of homeowners that advertised their properties as temporary accommodation during the Olympic period have been unsuccessful.
SpareRoom.co.uk director Matt Hutchinson said that the expected demand for properties has failed to materialise.
While just 9 per cent were successful in renting their accommodation out for the whole period, a further 2 per cent were only successful in renting it for part of the games.
Hutchinson said: “Many people saw the Olympic rental market as something they could cash in on, but the truth is that the supply has easily outstripped the demand. With everyone thinking the same way, it was a competitive market that, for many, hasn’t paid out.
“While some homeowners may have benefited by the gamble of a short-term let, landlords who held back from accepting tenants in the hope of a bonus pay packet, or homeowners who booked to travel away on the expectation that their home would be easy to rent, are losing out as their homes stay empty.”
