The majority of Londoners keen to cash in on late demand for rental property during the Olympics this summer are likely to remain disappointed, according to Edmund Cude.

London’s oldest lettings specialist say that many Londoners who have had their hopes raised by letting agents offering unrealistic rent levels will be disappointed with the returns.

The firm underlines its forecast quoting the Sydney Olympic Games in 2000, when unrealistic rental expectations resulted in the majority of city centre homeowners missing out, as rental demand came very late.

Robert Nichols, Director, Edmund Cude, said, “Olympic short lets are a potentially lucrative option, but homeowners must be prepared for the additional challenges and costs that come with an Olympic let which could include a 24 hour helpline, maid service and airport pickup.

“When you take into account insurance, gas and electrical safety checks, permission from a mortgage provider, 24 hour contact and, in some London boroughs, planning permission – a short let becomes complicated and expensive. The returns would have to be significant.”

Nichols added: “The reality of this year’s Olympics is that a relatively small number of homeowners and landlords will benefit from the predicted top dollar, short let rental boom. Flats and houses near to the Olympic Park, ideally with no personal belongings in place, with owners willing to make provision for the demands of tourists effectively paying for hotel accommodation might well be able to cash in. But for many, the rental cash cow will be out of reach.

“We would advise existing landlords to avoid holding out for potentially high earning Olympic lets in favour of longer term, secure tenancy agreements. There is no point risking a void period if your property is not in the right location or matches the exacting demands of Olympic tourists.”