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Tenants pay more than £200,000 upfront to live in London

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Rich tenants from countries such as Russia, Ukraine, Nigeria and China are pushing rents up in sought-after parts of London by paying their housing costs upfront.

A new study shows the number of tenants paying rents and deposits up to a year in advance has doubled in the past year, from one in 10 to one in five.

Research shows that a typical tenant of a two-bedroom flat in the West End of London will pay their landlord more than £200,000 upfront.

The study’s authors conclude that the £2m-£20m market has stalled and that the lettings market is on the up.

They put this down to threats by the Labour Party to introduce a mansion tax on property worth over £2m and the stamp duty increases on the top end of the market brought in in the Autumn Statement.

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City AM

 

Neil Jennings

Neil is the Operations Director at Assetgrove Lettings, London's Leading Rent Guarantee Company, providing Landlords with no voids, property maintenance, fee-free property management and stress-free service.

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