LONDONERS RACE TO CASH IN ON THE GAMES

· 62 per cent increase in short term property rentals listed on Gumtree.com

· Average rental price drops as homeowners look to fill their properties over July and August

Gumtree.com has seen a 62 per cent increase in adverts posted by Londoners looking to cash in on their homes and spare rooms in prime Olympic hotspots.

The average asking price for London short-term rentals has actually dropped by 24 per cent between May – June 2012, as homeowners become more realistic in their price expectations and the Games draw closer.

From studios to five-bedroom houses, Gumtree has seen more than 10,500 replies for London properties for rent during the Olympic period. According to the latest Gumtree.com site data, the average asking price for a 4-bedroom family home during the Olympics period is currently £2,377 per week and for a 1-bedroom apartment or room, it is £892 per week.

Gumtree.com has seen hundreds of savvy Londoners advertising spare rooms or sofas, renting their property out in its entirety, while other advertisers are trying to secure themselves a holiday by swapping their property for a week with those living overseas or in other parts of the UK.

Current ads live on the site include:

·         3-bedroom apartment, Euston £995 pw

·         2-bedroom apartment, Wapping £700 pw

·         2-bedroom apartment, Shoreditch £2,495 pw

·         1-bedroom apartment, Stratford £1,000 pw

Hamish Stone from Gumtree.com said: “With the Olympics starting this week we are seeing more and more Londoners looking to capitalise on their prime locations and get in on the Olympic fever sweeping the country. For anyone interested in renting out a room or home at the last minute, make sure that you highlight how close you are to the Olympic venues, flag transport links, and talk about any local events that visitors might be interested in in your area.”