Tenants pay £1,000 per week for a home in Mayfair

Written on 16 June 2015 by Alistair Boscawen in Property News

Rents in central London have now topped £1,000 a week, research shows.

Why it now costs more than £50,000 a year to rent a home in London’s poshest postcodes

Landlords with properties in London’s priciest postcodes are receiving nearly £50,000 from tenants.

New research shows London’s most expensive postcode is W1K – which covers west Mayfair – where every square foot of a modest two-bedroom flat earns nearly £80 a year in rent.

This means tenants must fork out £1000 a week to live in and around Grosvenor Square, while properties in and around Belgrave Square Garden in Belgravia — the SW1X postcode — command an average of £63 per square foot per year, or almost £40,000 for a year’s rent on a typical two-bedroom flat.

Homes in the W1J postcode, which covers south Mayfair, cost £58 per square foot, and properties in the SW1W postcode, which covers the area of Belgravia just south of Eaton Square, cost an average of £55 per square foot.

Other postcodes that make the top 20 are a mixture of traditional prime central London locations, including Kensington, Chelsea, Marylebone and Notting Hill, and some more newly fashionable zones such as Fitzrovia, Soho, Bloomsbury, Paddington and Earl’s Court.

The only area in east London on the list is Whitechapel, where tenants now pay an average of £44 per square foot, or £26,400 to rent a 600 square foot property for a year.

If you’re looking for property to invest in in prime London, now could be a good time to put some feelers out. The pre-election uncertainty has subsided and central London property is more popular than ever.

For more information click on the link below:

Homes and Property

Alistair Boscawen

Alistair has 32 years’ experience as an estate agent, starting in the country house department of one of London’s main international agencies before moving to the Knightsbridge house department of the same agency and learning the difference in values between freehold, long lease and short lease houses in Knightsbridge, Belgravia, Chelsea and Mayfair.

All articles by Alistair Boscawen


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