London house prices: This is who the capital’s prime rental tenants are, what they do, where they live and how much they pay for the privilege
Ever wondered who those people are that are paying upwards of £8,000 a week to live in one of the capital's swankiest pads? Well, fellow nosy neighbours, wonder no more.
In prime central London, a number of tribes have been identified by lettings agent EJ Harris, showing an increase in international tenants across the board – and a reduction in supply among key price brackets.
These are the tenant tribes of prime central London.
Type 1: The ultra wealthy overseas residents
These renters come from Russia, the Middle East, Asia and Africa and have accumulated a vast personal wealth through commodities, energy and finance. They tend to live in four or five bed “ambassadorial” flats or houses in Mayfair, Belgravia and Knightsbridge – and pay between £6,000 and £8,000 a week for the pleasure.
Type 2: The global business leaders
These tenants also come from around the world but they are still busy working, often as chief executives or directors of global companies. They live in luxury three or four bed apartments in Knightsbridge, Belgravia and Mayfair, paying between £4,000 and £6,000 a week – although there is very little stock currently, which could force prices up.
Type 3: The banking professional
This group tends to be more homegrown than the first two, chief executives of UK firms and banking professionals, who live in two or three bed apartments in Belgravia, Mayfair and Knightsbridge. They are wiling to pay between £2,000 and £4,000 a week.
Type 4: The socialites
The socialite wants a luxury pad in some of the best postcodes in London – Marylebone, Mayfair or Belgravia – but has slightly less to spend on their accommodation, so is happy to take a two bed apartment stretching 1,000 to 1,500 sq ft for around £1,000 to £2,000 a week. This group also comprises businessmen and women who have relocated for London for a medium-term stretch, typically three years.
Type 5: The wealthy overseas student
The bank of mum and dad is called upon to pay rent of around £500 to £1,000 a week for this group, who want one or two bed apartments in Notting Hill, Marylebone and East Mayfair, running towards Oxford Street. As well as students, this group also includes young single professionals and couples with young children.
Type 6: The first-jobber
Fresh out of university and looking to splash the cash from their first pay packet, the young graduate tends to move to Shepherd's Bush, Holland Park or Bayswater in search of one bed apartments worth £300 to £500 a week.