Luxury lets: from vanishing swimming pools to glass car displays — the opulent world of ultra-wealthy London renters
Families, largely from Europe and America, also make up a significant proportion of Tedworth Property partner Sabaya Verger’s longer-term clients in Kensington, Chelsea and Notting Hill, who opt to rent while their children are in education to avoid the hassle of buying, selling and paying stamp duty before ultimately purchasing a smaller property.
Business people, on the other hand, head to Knightsbridge and Kensington’s new luxury developments, like Chelsea Barracks. They want convenience (24-hour concierge, valet, gym, bills included) and to “turn the key and leave without thinking about it,” says Verger. Despite paying £500,000 a year in rent — more than the average UK property costs to buy — tenants might not even live there full time.
Verger has seen tenants rent two properties at once in order to secure their next rental, while tenants are earmarked for properties before the current occupiers have even moved out. In this climate, the role of the agent is more important than ever in matching landlord with tenant — a balance which, with properties of this budget, is already delicate.
Verger adds: “We really check the tenants to make sure they are the profile that the landlord wants… Lots of companies don’t do it and end up with nightmare tenants and nightmare problems.”
Story by Emma Magnus • Friday