London’s property market is notorious for its intensity, with sky-high rents and challenging flatmate experiences. Now, fresh data reveals an even more jaw-dropping reality: one affluent neighborhood, Westminster, houses a staggering 160 ‘super prime’ rental properties with monthly rents exceeding the average annual salary.
Westminster, a Zone 1 location famed for landmarks like the Houses of Parliament, Buckingham Palace, and Westminster Abbey, is unsurprisingly at the heart of this extravagant market. According to Benham and Reeves, a real estate firm, a concerning one in five rental properties across the UK demand rent equivalent to the average monthly income. However, in these ‘super prime’ locations, a single month’s rent requires an entire year’s income, and sometimes even more.
The average UK worker earns £35,481 per year, translating to £2,957 per month. Despite this, a staggering 47% of London rental properties demand more than the average monthly earnings. Westminster, specifically, boasts 160 properties surpassing the £35,000 threshold for a single month’s rent. These properties, accounting for 3.3% of all rental listings in the borough, command an average monthly rent of a staggering £54,167.
So, who inhabits these luxurious properties? As Marc von Grundherr, director of Benham and Reeves, explains to Metro.co.uk, Westminster’s ‘super prime’ market caters largely to international renters. These tenants, primarily from Asia, especially mainland China, along with the UAE, Saudi Arabia, Turkey, Latin America, and even some Russians coming through countries like Cyprus and the UAE, are predominantly business owners or individuals on business in the capital. A significant portion also includes relatives of business owners or individuals with substantial family wealth.
These ‘super prime’ renters often bring or hire staff, necessitating additional bedrooms in their opulent residences. While some tenants may utilize their properties as London bases during the working week, returning to their home countries for weekends, these luxurious properties are very much lived in.
But what do these exorbitant rents buy? These ‘super prime’ properties range from flats, terraced houses, townhouses, mews, and detached houses, each boasting luxurious interiors that reflect their hefty price tags. As expected, these homes are adorned with lavish or ultra-luxurious interiors, featuring high-end amenities and desirable features like gyms, swimming pools, private gardens, rooftop terraces, and dedicated parking spaces.
These properties, typically ranging from three to seven bedrooms, offer a blend of short, medium, and long-term rental options. Naturally, their prime location in London’s most exclusive areas underscores their exclusivity and substantial price tags.
The allure of Westminster lies in its location, encompassing some of London’s most iconic areas, including Knightsbridge, Mayfair, and Belgravia. Its central position within the city makes it ideal for professionals needing proximity to workplaces in Canary Wharf or the city center, as well as international students seeking proximity to their universities. Convenience reigns supreme for these high-end renters, and Westminster delivers in spades.
