London’s Luxury Residential Rentals Hit Record High

A luxury London flat has been rented out for £55,000 a week, upmarket property marketing professionals Harrods Estates revealed this week.

The agents, who deal with properties at such salubrious London addresses as One Hyde Park, Lancelot Place and The Knighstbridge, declined to reveal the exact whereabouts of their record-breaking rental to members of the press and remained discreet about the identity of the new tenant.

Growing Market for Luxury Rentals

The property marketing company, which specialises in prime and super-prime property marketing in the capital, did confirm that 89% of their high end sales were to overseas investors – with clients from Asia, the Middle East and Russia making up the majority of those buyers. And it seems the mystery four bedroom property which has attracted such a hefty price tag is part of an ever growing market for luxury rentals in London, where continued success in the high end housing market is having a positive knock on effect on demand for high spec lettings.

Average Rentals Doubled Since Last Year

Harrods Estates’ own average rental price has more than doubled in the last year from £1955 to £4285 with Knightsbridge being the most in demand address for the property marketing firm’s upscale clients.

Harrods Estates sales and marketing director Shirley Humphries told the business press that high demand was escalating the rents achieved on luxury properties and added: “‘The prime property market in London is the fastest growing area in the UK.”