Thousands of homeowners across London are preparing to cash in on the Olympic Games - by renting out their properties to people from the UK and overseas who prefer to live in a more domestic environment instead of an expensive hotel. That's not to say that many of the properties for rent are low end - far from it. But the undeniable privacy and cosier 'homestay' aspect of such rentals appears to be very popular, according to estate agents.
With many families across London leaving the city for the summer, renting out their property seems to be a perfect way to earn some extra cash. And with asking prices reportedly surpassing the £4000 per week mark, it's little wonder there is so much interest.
Estate agents across the capital say there have been many enquiries regarding these options, with many deciding between either an expensive hotel such as the Dorchester, or a private home.
According to some figures, there are already 140,000 room available across London, and with the increasing capacity coming from private renters, there is a considerable chance that rental prices will be pushed down.
In terms of insurance - whether you have normal domestic home insurance, holiday home insurance or one of the various other property insurance products on the market - you'll need to read the terms and conditions of your policy thoroughly to find out where you stand, or whether you need to take out additional cover.