"The London prime property market is flourishing"
Demand to let prime London property is surging with rents reaching £55,000 per week for the cream of homes.
Wealthy visitors settling in London from overseas are driving the market – with cash-rich tenants from Russia, the Middle East and Asia battling for the best properties.
Harrods letting agency set the record with £55,000 a week- £7,857 a day – to rent a Central London flat to an Arab billionaire. His name and the flat location are closely guarded details as he demanded complete confidentiality.
“The prime property market in London is the fastest growing area in the UK. We have not only seen an increase in demand from buyers but also those looking to rent which in turn is pushing prices up,” said Shirley Humphrey, sales and marketing director of Harrods Estates.
“Some 89 per cent of our sales are from high net-worth individuals from overseas, particularly Russia, Middle East and Asia, where we achieve our highest sales. The short supply of property and high demand from international buyers is unlikely to slow, indicating prices to buy and rent will be even higher by the end of 2011.”
The cosmopolitan nature of London lettings is reflected in Harrods hiring interpreters covering 27 languages.
A look at other leading London letting agents gives an idea of what rents of £30,000 a week or more can secure for the wealthiest tenants.
Knight Frank is offering a furnished seven bedroom house in Brick Street, Mayfair for £40,000 a week – £5,714 a day – comprising a drawing room, dining room, cinema, study, bar and games room, seven bedroom suites, swimming pool, gym, solarium, underground car park, courtyard and roof garden.
If that price is too rich, Savills have an unfurnished seven bedroomed end of terrace house in plush Eaton Square, Belgravia.
A cool £30,000 a week – £4,285 a day – secures a Grade II listed house with three receptions, dining room, study, media room/library, garden room, swimming pool, utility room, cellar, two garages and staff quarters consisting of two en-suite bedrooms, a reception room and kitchen.