Olympics 'a positive thing' for East London landlords

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Landlords with residential lettings in East London are set to benefit from the 2012 Olympics, according to a property expert.

The onset of the massive sporting event is likely to see a significant increase in interest in the area surrounding the games' village and stadium, claimed Paul Collins, a spokesperson for Buy Association.

Citing examples of cities that have previously held the Olympics, he claimed that nearby boroughs would benefit from regeneration as well as the likelihood of new residential developments, potentially increasing both the supply and demand of buy-to-let property in the area.

"If you look at the example of other cities that have hosted the Olympics, for the vast majority it's been a positive thing. These places have been regenerated and used as residential areas," Mr Collins said.

"East London is one of the few places in the capital where there isstill potential for expansion and to really improve the infrastructure and residential side of things," he added. "And that in its own way brings in businesses and brings in income from other parts."

Earlier this week, the East London Advertiser revealed that buy-to-let landlords were being barred from purchasing flats in a development offering views of the 2012 Olympics stadium.

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