Serviced Apartments in London Carving Their Niche in Market

Corporate all across the UK and from other countries are constantly looking for economical yet classy accommodation options for their business travels which are not for too long a duration.
 
July 12, 2012 - PRLog -- Costs of residential properties have been fluctuating since the past few months and UK & international corporate have been continually looking to control expenses, especially in the long term accommodation options in London. However, at this time the serviced apartment sector in London is offering a very promising alternative to the cliché hotels.

Despite the increasing fondness for serviced apartments, there is major supply gap according to research undertaken by leading short-lets service provider. Making the research more evident is the fact highlighted that London has a prospective capability for 16,300 units, which means an addition of 200% more serviced apartments to the current supply in market.

According to the leading Short Let Service Provider (www.short-let-apartments.com), “The existence of the deficit in supply of short term accommodation becomes apparent given the fact that the number of their usual users, i.e., corporate or business visitors is higher and increasing as against the availability of short-lets required.”

Researches also show that New York and Hong Kong have 5.2 and 5.3 units per 1,000 visitors respectively while London has just 1.2 units. Interestingly, the occupancy of these short-lets has surpassed that of the hotel market over the last two years, as per analysis by the Association of Serviced Apartment Providers. In fact, the serviced apartment sector in London and the whole of UK is in its formative years and one of the smallest markets internationally, as compared to the more established markets of the US and Asia Pacific.

Although the economy is not going through the best of its time, still the constant effort of boosting cost efficiency of these serviced apartments over hotels has resulted into gaining corporate confidence particularly for longer business stays.

As such the preparation for forthcoming London Olympics has been going on since long. But with the UK anticipating almost 29.4 million visitors this year, with an astonishing number of 330,000 as a direct result of London hosting the event, the serviced apartment option is a very feasible substitute offering privacy, class and independence to those who otherwise conventionally stay in hotels.

(http://www.short-let-apartments.com/) Short Let Apartments specialises in short term accommodations in London and is part of a property group with over 50 years' experience in the London residential lettings property market. We provide serviced apartments in London to corporate clients and business travellers and, with an extensive portfolio of fully furnished apartments on our database.
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