It seems London is a renters' city after all – if you've got the requisite cash. The city's 'ultra-prime' rental market is booming, with more multi-millionaires and billionaires choosing to let than buy in 2023.
Beauchamp Estates' latest Wealth Report found that so-called ultra high net worth individuals, who are willing to shell out up to £30,000 per week, may have been dissuaded from buying in London by high interest rates.
In the first half of 2023, an average of two homes sold for more than £15 million each month – but more than 10 leases worth upwards of £5,000 per week were agreed.
Prime Central London rental values now sit almost 30 per cent above pre-pandemic figures.
The city remains one of the most popular destinations in the world for billionaires to rent or buy a home, with Mayfair, Belgravia, St John’s Wood, Regent’s Park and Hampstead among favoured neighbourhoods.
But Beauchamp Estates' report suggests Stamp Duty, scrutiny over sources of wealth and the expectation of a Labour government may dampen interest from UHNWIs.
It name-drops the French Riviera, Los Angeles, Miami and Dubai – where the number of £15 million plus home sales is double that of London – as billionaire-friendly areas that represent rising competition.
So what's up for grabs for those keen to land on British soil?
St John’s Wood, NW8
£34,667 pcm / £416,004 pa
This remarkable Moorish-influenced mansion on a secluded plot in St John's Wood is the former home of sculptor John Adams Acton. Highlights include stained glass windows, a 40-metre landscaped garden and a lower ground floor with its own entrance, bedrooms and kitchenette.
Knight Frank, 020 3909 6655
Parsons Green, SW6
£31,417 pcm / £377,004 pa
A stylishly kitted-out four-bedroom, four-bathroom home within walking distance of the river. Offered furnished, it has an open plan kitchen and reception with double doors onto a garden with outdoor tub, as well as a family room on the floor below.
Hamptons, 020 3856 4262
Chelsea, SW3
£23,833 pcm / £285,996 pa
This two-bedroom apartment between King's Road and the river has a home bar, a large rooftop terrace with a hot tub and a main bedroom with an extensive dressing area. It's on the market as a furnished short let.
Foxtons, 020 3908 8522
Kensington, W8
£31,200 pcm / £374,400 pa
A Holland Park townhouse just off London’s most expensive street. Arranged around a central staircase and hallway, there's a generous six bedrooms, six bathrooms and three receptions over five floors, plus a patio garden.
Benham & Reeves, 020 3907 2698
Richmond, TW1
£108,333 pcm / £1,299,996 pa
A truly one-of-a-kind Palladian mansion on a three-acre riverside plot, with almost 20,000 square feet of living space. The wider estate includes staff accommodation, tennis courts, a triple garage and both indoor and outdoor swimming pools.
Knight Frank, 020 3907 3409
Marylebone, W1B
£28,167 pcm / £338,004 pa
This unusual three-bedroom apartment on a sweeping Regency crescent has two striking internal courtyards and a huge dressing room. Homes on this street also have access to eight-acre private gardens via subscription, which include tennis courts and a children's play area.
Aston Chase, 020 3909 9733
Oval, SW8
£10,000 pcm / £120,000 pa
A relative bargain among such company, this six-bedroom Georgian home near the Oval cricket ground has a large garden, a cellar and a garage, plus off-street parking. It's a rarity for the area, which is particularly well connected thanks to Vauxhall interchange.
Hamptons, 020 3835 2190
Belgravia, SW1W
£108,333 pcm / £1,299,996 pa
A classically-furnished 7,000 square foot townhouse with six bedrooms, plus a lift and wine cellar. Perks include extension wellness facilities, including a gym and a home spa with a sauna, jacuzzi and steam room.
Sotheby’s, 020 3375 2800
Mayfair, W1K
£28,167 pcm / £338,004 pa
This minimalist, high-spec townhouse is in a prime position moments from Hyde Park and Mount Street. Benefits include a lift with access to four of the five floors, plus terraces off two of the bedrooms.
Clifton Property Partners, 020 7409 5087
Hampstead, NW3
£17,117 pcm / £205,404 pa
A handsome family home between Hampstead village and the Heath, with five or six bedrooms, a good-size private garden and space for several cars to park. Highlights include high ceilings and a bright kitchen with Shaker-style cabinetry.
