Olympic rents 'four times higher than last summer'

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Lettings website Gumtree said asking prices for short-term rentals in July were 445 per cent up on the same period last year. Hamish Stone from Gumtree said: "We saw a similar trend around the royal wedding last year, as many Londoners planned holidays to escape the chaos while making money at the same time."

Online rental site Airbnb said almost 3,000 people had signed up to let out properties in the capital. James Ashwell, 30, said he put his Tower Bridge loft apartment online for £1,000 a night and was "amazed" when someone took it for 10 nights during the Games.