It was bound to happen: London hotels have finally realized no one wants to pay the overly inflated prices to stay during the Olympics, and now they are slashing rates in the hopes of filling those empty rooms. Online hotel search site Trivago notes that London hotel availability is still at 30 percent through August 12, and room rates have fallen by 17 percent in the last three weeks. Similarly, JacTravel, a UK-based travel agency for group bookings, says London hotel prices are back to normal levels – after having been driven up by as much as 300 percent two months ago.

A quick search on Travelocity.com found a fair number of 3- and 4-star hotels for under $250/night throughout the rest of the Games. For example, the appropriately-named (but not exactly conveniently located if you want in on the Olympics action) 4-star Hilton London Olympia can be had for $187/night all next week.

Of course, if you really want London hotel bargains, book your trip for just after the closing ceremonies – that same Hilton London Olympia room dips to $103/night from August 13-16.

If you do plan a last-minute trip to London, be sure to read our tips for Olympics-bound travelers, as well as our easy ways to save in London no matter when you go.

Can’t make it to the Games this year? Commiserate with our Top 10 Snubbed Olympic Cities.

For general trip-planning information, see our London destination guide. Use our Travel Search price comparison tool to find the lowest rates and travel deals on flights to London.