September 16th 2024.
The London property market is notorious for its exorbitant prices and intense competition. From crazy rents to terrible roommates, it's no secret that finding a place to live in London can be a nightmare. And now, new data has shed light on just how extreme the market can be.
According to recent findings, there is one particular neighbourhood in London that boasts 160 'super prime' rental properties. These are properties with rents that exceed the average salary of a UK worker. Any guesses as to where this neighbourhood might be? It's none other than Westminster, an exclusive zone 1 location known for its iconic landmarks such as the Houses of Parliament, Buckingham Palace, and Westminster Abbey.
Upon further analysis, it was discovered that one in five rental properties across the UK cost the same amount in rent as the average monthly income. But in 'super prime' locations like Westminster, the rent for just one month can equal an entire year's income. Shockingly, almost half of all London rental properties ask for more than the average monthly earnings.
In Westminster alone, 160 properties require a rent that exceeds £35,000 for just one month. This accounts for 3.3% of all rental listings in the borough, with an average monthly rent of £54,167. This begs the question - who are the tenants who can afford to rent out these 'super prime' properties?
According to Marc von Grundherr, director of Benham and Reeves, the majority of tenants in Westminster's 'super prime' properties are international renters. These tenants hail from countries like mainland China, the UAE, Saudi Arabia, Turkey, Latin America, and even Russia. Many of them are business owners or have family wealth, and often come with a member of staff, requiring an additional bedroom.
But despite their luxurious accommodations, these tenants do actually live in the properties. Some of them may use their London home as a base for their work during the week and return to their home country for the weekends.
So, what do these 'super prime' properties have to offer? They come in various forms such as flats, terraced houses, townhouses, mews, and detached houses. And as expected, the interiors are lavish and opulent. These properties often come with luxury amenities like gyms, swimming pools, private gardens, rooftop terraces, and parking.
On average, these properties have three to seven bedrooms and offer a mix of short, medium, and long-term rental options. And of course, they are located in some of the most exclusive areas of London. But what makes Westminster such a desirable location?
According to Marc, it's all about the location. Westminster encompasses some of the most prestigious and sought-after areas in London, including Knightsbridge, Mayfair, and Belgravia. It's also a convenient location for professionals working in Canary Wharf or the city, as well as international students attending nearby universities.
In the end, it all comes down to convenience for these high-end renters. And with the exorbitant rents they pay, it's no wonder they expect nothing but the best. Do you have a similar story to share? Get in touch with us by emailing [email] and let us know.
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