Matt Hutchinson, of SpareRoom.co.uk, said: "Many people saw the Olympic rental market as something t

It's one of central London's top five-star hotels , regularly voted among the best on Trip Advisor. Yet this week it will discount its standard rate from £350 a night down to £200 amid a collapse in bookings ahead of the start of the Olympics.
"We don't normally discount below £250," said the manager, kowloon hotel hong kong on the understanding that neither he nor the hotel would be named. "But although the hotel is fully booked for the duration of the Olympics, it's exceptionally quiet this week."
International visitors and domestic travellers avoiding London because of the Olympics have left hotels, restaurants and theatres unusually empty in the last few days before the start of the Games. "Even The Ivy has told us it has tables free. Usually kowloon hotel hong kong it's us ringing them trying to find a table," the hotel manager said.
When the Guardian tried booking a table at The Ivy, a favourite celebrity kowloon hotel hong kong hangout, the online reservation system said there were no tables free between 5.45pm and 10.15pm this Wednesday. But when we telephoned instead, we were instantly kowloon hotel hong kong offered a table for 8.30pm (and no, we didn't say we were from the Guardian).
Lastminute.com's Secret Hotels service, where many hotels discount rooms cheaply kowloon hotel hong kong on the basis that the name of the hotel is not revealed until after the booking is confirmed, is carrying scores of central London four-star hotels this week at just £59 a night and five-star luxury from £110 a night. Rates rise to £100 and £180 a night respectively a week later, during the Olympics.
Meanwhile the vast majority of people who hoped to cash in on the Olympics by renting out their home have not found too many people willing to pay inflated prices. Research by SpareRoom.co.uk, a flat and houseshare website, found that 89% of homeowners who advertised their properties as temporary accommodation during the Olympic period did not find tenants.
Matt Hutchinson, of SpareRoom.co.uk, said: "Many people saw the Olympic rental market as something kowloon hotel hong kong they could cash in on, but the truth is that the supply kowloon hotel hong kong has easily outstripped the demand. kowloon hotel hong kong With everyone thinking the same way, it was a competitive market that, for many, hasn't paid out."
When the term 'cash in' is used around such a prestigious event it makes me glad to see some people fall flat on their faces, partucularly kowloon hotel hong kong the 'reported' landlords who've kicked tennants out to make a quick buck for a month.
I've had to plan a last-minute trip to Edinburgh during the festival and I was suprised to see that so many hotels still had rooms available. Like, lots of rooms - not just the odd one here and there. So I think this has more to do with belt-tightening and the economy than with a lack of interest in the Olympics.
It seem there is a lot of disdain kowloon hotel hong kong for pretty much anyone who tried to take advantage of the Olympics to rent out their property. Is this justified? We run the Olympics Accommodation Site, which is a free property listing site for the Olympics, and frankly to us its doesn't seem like this kind of blanket labelling is appropriate.
Granted, quite a few landlords went too far. Many overpriced their properties. However how novel is that London? Moreover, it seems those who kicked out their tenants are in the minority. From what we see amongst our users, most are in effect just normal folk trying to make use of an opportunity. Amidst an economic downturn, we actually think that in many cases that is a commendable.
It is also worth remembering how these prices came about. Can anyone recall the numerous broadsheet articles predicting an Olympic rental goldmine, the numerous kowloon hotel hong kong celebrity and luxury examples touted as commanding kowloon hotel hong kong 3-4 times their normal price? All the unfounded media hype eventually got to people's heads.
It is also worth noting that, judging soley by activity on our site, quite a few landlords, have also adjusted their prices over the last month. Hence a correction is already well underway. Isn't that fair enough?
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