Rent up to £25,000 a week splashed out by super-rich...

Some of the richest people on the world, who use London as one of their bases, are choosing to rent rather than buy, claims a veteran estate agent.

Gary Hersham of Beauchamp Estates says: “The super-prime lettings market in Prime Central London has been extremely buoyant during the first six months of 2024.

“There have been some extremely high quality stock available on the lettings market and this has attracted serious tenants willing to pay premium rents to secure the properties.”

In the first six months of 2024, 559 luxury homes have been let in Central London for up to £25,000 per week or £1.3m per year - that’s the equivalent of 23 lets per week.

But these figures are actually slightly down on the same period of 2023 when a total of 595 homes across Prime Central London were let at values ranging from just over £1,000 per week, up to £20,000 per week.

The agency says there’s been a rise in wealthy American, Western European and Nigerian tenants coming to London, while some potential buyers are renting until they have certainty about the new Labour Government’s taxation policies to be announced in the October 30 Budget.

In 2024 the average lettings values achieved for houses were for long lets £2,737 per week for a 2,130 sqft house and for short lets £6,538 per week for a 2,906 sqft house, with the most expensive house let in London being a mansion in Cadogan Place let for £14,000 per week.

The average lettings values achieved for apartments were for long lets £2,146 per week for a 1,384 sqft apartment and for short lets £1,915 per week for a 1,164 sqft apartment with the most expensive apartment let in London being a penthouse in One Hyde Park in Knightsbridge let for £25,000 per week

The top locations in Prime Central London for lettings deals during the first half of 2024 were Chelsea (SW3 postcode addresses) where 100 deals (18% of the PCL total) were agreed and Kensington (W8 postcode addresses) also with 100 deals

This was followed by South Kensington (SW7 addresses) with 95 deals (17% of all PCL deals) and Mayfair (W1 addresses) with 88 deals (16%)

The other key locations for lettings deals during 2024 were Belgravia, Westminster, Whitehall and Knightsbridge addresses where a total of 149 lettings deals were agreed, representing 27% of all deals agreed across Prime Central London.