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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 background is in marketing and business development and has over 20 years experience in the field. He runs Asset Grove and is involved in the marketing strategy for most of our campaigns.

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