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Olympics not likely to impact property owners in the short term
25 Jan 2012
Peter Bolton King, chief executive at the National Federation of Property Professionals (NFOPP), has suggested that the 2012 Olympic Games will have a mixed effect on London-based property owners and their buildings.
He claimed that in the short term, people wouldn't be looking to journey around East London in the midst of traffic and excitement that the games would bring. However, in the medium term, it may spark up some interest for property in the area.
In general terms, he said that he expected the UK's property market to stay roughly the same, barring any major upturn in the country's economy, with prices in London and the South West potentially shifting upwards in places.
Mr Bolton King said: "What we are expecting is a relatively flat market, in as much as I think that transaction levels will probably be the same as last year because lending will remain quite tight and obviously the current economic situation isn't going to suddenly get any better."
The NFOPP was formed in 2007 in order to facilitate the coming together of specialist divisions within the property sector.
Posted by Daniel Winters
