Got a spare £40k per month? Splash out on a stay in a luxurious North London rental property
- Credit: Archant
Stories of the rising cost of renti in the capital abound. But for those looking to rent prime properties in some of the London’s most sought-after locations taking up tenancy can cost more than just a ‘small fortune’.
It is not unusual to find prime homes in Hampstead and the surrounding areas asking up to £10,000 per week for the chance to rent a lavish apartment or spacious family home before it is sold to the highest bidder.
For the cost of £40,000 per calendar month, tenants of these show home properties can expect a spacious 7 bedroom home comeplete with multiple reception rooms, manicured gardens, home cinema and a swimming pool- perfect for a summer stay in the capital.
Arron Bart, who specializes in high-end rentals for Savills in Hampstead said: “For the people who rent this type of high-end property I don’t really think money is an issue. Ten thousand pounds a week might seem a lot to you and me but you have to consider it in the context of the wealth of the people involved. It’s much less complicated for them to rent than to buy.”
Arron added: “the letting option is also becoming more alluring to owners previously keen to sell. A tenanted property has considerable benefits over an empty one, not least a quick and reliable income until the sales market stabilises.”
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Properties in this price range tend to attract foreign buyers keen to sample the high life in the capital before committing to taking up residence in the longer term.
Daniel Levenfiche, letting manager at Capital Lettings says many of the properties currently on the market for over £25,000 per month are properties that have been up for sale but haven’t yet found the right buyer as a result of increasingly complex purchase requirements.
“Before you can buy any of these properties you need to sort a mortgage and make sure you have a large desposit, so that’s why many people rent. Unless you are an overseas buyer and you have the cash to buy outright with no chain” he said.
With the general election fast approaching, another factor playing on buyers’ minds is the possibility of a mansion tax on properties over £2 million leading them to opt for renting before taking the plunge on their own plot of land.
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But with rental costs spiralling towards £100,000 per calendar month for the most sought-after properties, even those with the deepest pockets may be looking to buy sooner rather than later.
What would you expect from £40,000 per month rent? Join the conversation and tell us about your dream home features at @HamHighProperty on Twitter.