London’s super-luxe landlords have seen a big boom in £25,000-a-week rentals as taxation fears have prompted the wealthy to rent rather than buy.

The super-prime lettings market has boomed amid concerns over stamp duty and content of the Autumn Budget, says Beauchamp Estates. In the first six months of 2024, 559 luxury homes across Prime Central London were let at values ranging from just over £1,000 per week up to £25,000 per week for a penthouse in One Hyde Park.

This equates to 93 lettings deals per month – only slightly down on the first six months of 2023 when a total of 595 homes were let.

These lettings deals generated landlords a combined rental income of £19.5 million, of which £14 million came from apartment lets and £5.5 million from houses. The top locations were Chelsea where 100 deals were agreed and Kensington, also with 100 deals, reports Beauchamp Estates.

It has agreed £12.2 million worth of super-prime lettings deals for landlord clients in the first six months of 2024, including a mansion in St John’s Wood let for two years for more than £4.5 million, a large house in Hampstead let for £1 million per year, and an apartment in a new apartment building in Bayswater let for almost £500,000 on a 12-month tenancy.

Secondments

Founding director Gary Hersham (pictured) says there has been a rise in wealthy American, Western European and Nigerian tenants coming to London on business secondments.

He adds: “The market has also been boosted by the uncertainty generated by the UK General Election which has led some people looking to buy to decide to pause and rent instead until they have certainty about the new Labour government’s taxation policies, awaiting the Autumn Budget.”

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