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