3rd Feb 2012 9:59am | By Editor
Greedy landlords are pushing tenants out of their homes in time for the London 2012 Olympics in favour of highly profitable short term rentals.
Due to anticipated shortages of accommodation during the games east there are reports of London property owners and agencies informing tenants that they'll have to find somewhere else to live.
New tenants are being given contracts which state that they will need to find somewhere else to live for the duration of the Olympics from the end of July this year.
"It’s a strong possibility that a large number of east London tenants may face eviction, rent hikes and losing their homes as a result of the Olympics." said Antonia Bance of homeless and housing charity Shelter told Metro.
With no solid laws or rental control regulations enforced in the UK, cash-grabbing landlords are even telling private tenants that unless they agree to move out of their homes their current rent will increase by up to £500 a month.
The shortage of housing in the east London area is being blamed for the situation and private tenants are expected to begin being given notice to leave properties around April or May this year to enable legal eviction of one or two months notice.
"It's all to do with supply and demand, and there's a shortage of stock" Matthew Martin of You-Move told MSNBC.com.