Luxury London property rents up 67% in H1, data reveals
Beauchamp Estates Millionaires Letting in London Survey found average rents for houses and mansions reached £4,177 a week, or £217,204 a year.
Average rents for luxury houses in Prime Central London rose by 67.15% in the first half of 2026, according to data from Beauchamp Estates.
Its Millionaires Letting in London Survey found average rents for houses and mansions reached £4,177 a week, or £217,204 a year.
This compared with £2,499 a week in 2025 and £2,715 in 2024.
Average rents for luxury apartments and penthouses increased by 15.12% to £1,957 a week, or £101,764 a year.
This was up from £1,700 a week in 2025.
The highest-value deals included a Mount Street house let for £33,000 a week and an apartment at One Hyde Park let for £32,500 a week.
A Chelsea townhouse on Cheyne Walk was let for £30,000 a week, while a Notting Hill townhouse achieved £25,000 a week.
Demand from Middle Eastern applicants rose by 30%, while demand from American applicants increased by 20%.
Chinese applicant numbers were up by 5%.
The survey stated that seven in 10 ultra-prime London households now chose to rent rather than buy, with many taking agreements lasting two or three years.
There were 1,911 rentals above £1,000 a week during the first half of 2026, down by 44.48% from 3,442 in the same period of 2025.
These deals generated £109.2m in rental income, compared with £177.6m in the first half of 2025 and £189.6m in 2024.
Properties rented for more than £5,000 a week generated £24.09m, accounting for 22% of Prime Central London rental income.
Kensington recorded 326 deals above £1,000 a week, equal to 17% of transactions.
However, this was down by 42% from 562 deals in 2025.
Mayfair recorded 114 deals, up from 112, while Marylebone had 87, up from 81.
Belgravia and Knightsbridge recorded 170 deals, down by 32% from 249. Chelsea had 175, down from 234.
St John’s Wood recorded 102 deals, down from 174, while Hampstead fell from 126 to 62 and Fulham dropped from 87 to 66.
Notting Hill recorded 59 deals, down from 115, while Primrose Hill had 52, down from 100.
Chris Tinkler, head of lettings at Beauchamp Estates’ Mayfair office, said: “Falling supply set against rising demand has led to a significant rise in lettings values being achieved for luxury houses and apartments across Prime Central London.
“The capital’s luxury rental market is being driven by wealthy tenants from the Middle East, America and the domestic UK market, who need a London base.
“The supply pool has been increasingly concentrated at the very top end of the marketplace with the share of lettings above £3,000 a week rising from 18% in 2025 to almost 22% in 2026, the shifts causing rental values to creep steadily upwards.”
Tinkler added: “The latest Millionaire’s Letting in London Survey data shows that landlords with well maintained turn-key homes in sought after areas are in exceptionally good positions and can command and achieve great rental values with the additional benefit of low void periods.”
Jeremy Gee, managing director of Beauchamp Estates, said: “Rising enquiries from both domestic and overseas applicants underlines how Prime Central London is viewed as an attractive and welcoming destination for both short and long term stays.
“Despite the Renters Rights Act requirements, London landlords with turn-key luxury homes are facing less competition, rising rental values and strong demand from discerning tenants.
“However, the Labour Government need to be mindful that excessive legislation and taxation are harmful to the capital’s rental market, hence the contracting supply pool.”
Gee added: “Households from around the world choose to live and spend their money in London and many prefer to rent rather than buy, so it is important that the Government helps the capital’s rental market to thrive and grow.”
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