It has been claimed that 89% of homeowners who have advertised their properties as temporary accommodation during the Olympic period have been unsuccessful, with the expected demand for properties failing to materialise.

The survey, carried out by flat and house share website SpareRoom.co.uk found that only 9% of homeowners looking to rent their accommodation out for the whole period of the Olympics were successful, while a further 2% were only able to rent for part of the games.

The research was conducted by spareroom.co.uk among 1,200 people between 2-20 July 2012.

“Many people saw the Olympic rental market as something they could cash in on, but the truth is that the supply has easily outstripped the demand,” said Matt Hutchinson, director of SpareRoom.co.uk.

“With everyone thinking the same way, it was a competitive market that, for many, hasn’t paid out.”

Hutchinson added: “While some homeowners may have benefited by the gamble of a short-term let, landlords who held back from accepting tenants in the hope of a bonus pay packet, or homeowners who booked to travel away on the expectation that their home would be easy to rent, are losing out as their homes stay empty.”