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| Version 0 | Version 1 |
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| London posh-home lettings hit record high | London posh-home lettings hit record high |
| (about 7 hours later) | |
| Houses in prime areas of capital fetching up to £18,000-a-week rent as demand rises | Houses in prime areas of capital fetching up to £18,000-a-week rent as demand rises |
| Julia Kollewe | Julia Kollewe |
| Mon 19 Feb 2018 15.52 GMT | Mon 19 Feb 2018 15.52 GMT |
| Last modified on Mon 19 Feb 2018 22.00 GMT | |
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| Six- and seven-bedroom houses in Notting Hill and Primrose Hill were among a record number of properties rented out at £5,000-plus a week in London last year. | Six- and seven-bedroom houses in Notting Hill and Primrose Hill were among a record number of properties rented out at £5,000-plus a week in London last year. |
| Upmarket estate agent Knight Frank reported the number of its “super-prime” lettings rose 34% last year to 137, from 102 in 2016. The vast majority of properties are let furnished. | Upmarket estate agent Knight Frank reported the number of its “super-prime” lettings rose 34% last year to 137, from 102 in 2016. The vast majority of properties are let furnished. |
| Brits and Americans each accounted for a fifth of tenancies, followed by Russians, the French and Chinese. | Brits and Americans each accounted for a fifth of tenancies, followed by Russians, the French and Chinese. |
| One of them was a six-bedroom house in Clarendon Road in Holland Park, let at £18,000 a week. The property would cost £27-£28m to buy. | One of them was a six-bedroom house in Clarendon Road in Holland Park, let at £18,000 a week. The property would cost £27-£28m to buy. |
| The gated house has a garden, off-street parking, air conditioning and underfloor heating; six bathrooms, four reception rooms, a utility room, gym and wine cellar. | The gated house has a garden, off-street parking, air conditioning and underfloor heating; six bathrooms, four reception rooms, a utility room, gym and wine cellar. |
| Another six-bedroom house, on Prince Albert Road opposite Regent’s Park, was let for £12,000 a week and would cost £15.5m-£16m to buy. | Another six-bedroom house, on Prince Albert Road opposite Regent’s Park, was let for £12,000 a week and would cost £15.5m-£16m to buy. |
| The number of homes Knight Frank rented out for £15,000 a week or more nearly doubled last year to 20, from 11 in 2016. | The number of homes Knight Frank rented out for £15,000 a week or more nearly doubled last year to 20, from 11 in 2016. |
| They included a seven-bedroom house at Kensington Park Gardens in Notting Hill, with six bathrooms, a billiard room, wine room and garden with water features, let for £15,950 a week. | They included a seven-bedroom house at Kensington Park Gardens in Notting Hill, with six bathrooms, a billiard room, wine room and garden with water features, let for £15,950 a week. |
| With house prices falling in parts of London, a growing number of wealthy people are choosing to rent – also to avoid hefty tax bills. Following increases in stamp duty, property taxes are the equivalent of three to four years’ rent. | With house prices falling in parts of London, a growing number of wealthy people are choosing to rent – also to avoid hefty tax bills. Following increases in stamp duty, property taxes are the equivalent of three to four years’ rent. |
| Knight Frank set up a super-prime lettings department in 2015 in response to rising demand. Tom Smith, who runs the division, said: “Demand is resilient due to higher rates of stamp duty and the associated uncertainty over the short-term prospects for price growth in the sales market. A lack of clarity regarding Brexit has also been a factor.” | Knight Frank set up a super-prime lettings department in 2015 in response to rising demand. Tom Smith, who runs the division, said: “Demand is resilient due to higher rates of stamp duty and the associated uncertainty over the short-term prospects for price growth in the sales market. A lack of clarity regarding Brexit has also been a factor.” |
| More developers are offering luxury homes for rent because they are struggling to sell them, to avoid big price cuts, Smith said. Owners of top-end properties are knocking about £1m off their prices to sell them, Mayfair-based property buying agent Garrington reported last month. | More developers are offering luxury homes for rent because they are struggling to sell them, to avoid big price cuts, Smith said. Owners of top-end properties are knocking about £1m off their prices to sell them, Mayfair-based property buying agent Garrington reported last month. |
| The average length of a super-prime tenancy rose to 589 days in 2017, compared with 548 in 2016 and 528 in 2015, says Knight Frank. | The average length of a super-prime tenancy rose to 589 days in 2017, compared with 548 in 2016 and 528 in 2015, says Knight Frank. |
| Most super-prime renters are drawn to west London. Knightsbridge still tops the list for high-end lettings, followed by Mayfair, St John’s Wood, Kensington, Belgravia, Notting Hill and Hampstead. | Most super-prime renters are drawn to west London. Knightsbridge still tops the list for high-end lettings, followed by Mayfair, St John’s Wood, Kensington, Belgravia, Notting Hill and Hampstead. |
| Property | Property |
| Housing market | Housing market |
| Renting property | Renting property |
| Real estate | Real estate |
| London | London |
| House prices | House prices |
| news | news |
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