Zoopla Property : Rich overseas tenants pay rent upfront to protect anonymity

March 30, 2015

Wealthy tenants are paying up to £250,000 rent and deposit upfront to protect their anonymity and secure some of London's most prized homes.

Rich and influential figures without a financial footprint in Britain are paying significant sums of money before they even move into London's most expensive streets.

Affluent tenants are paying a deposit and up to a year's rent in advance for a top London home, according to Murtaza Haidermota, director at MIT Property Consultants. And the figure can run up to £250,000.

Many also rent a lavish apartment on a short-term let of a week for between £50,000 and £70,000 per week and take advantage of a butler and chauffeur service, he added.

Traditionally the preserve of wealthy Britons, Americans and continental Europeans, the rich and influential from Russia, China and Nigeria are among those reportedly now favouring London's high end rental market.

Agents also suggested that changes in Stamp Duty and the threat of the so-called mansion tax, as well as the upcoming General Election, are contributing to a cooling in the sales market of homes valued between £2m and £20m.

Nowadays, lavish apartments and houses in Mayfair, Belgravia, Knightsbridge, Chelsea, and other pockets of the West End, where rents can reach up to £260,000 per month, are all popular with tenants in favour of paying rent upfront.

Haidermota, who currently rents homes in iconic destinations, such as Park Lane, explained: "They live abroad, in places such as the Middle East, Russia and China, so the only way to rent in Britain is to pay upfront.

"They have proof of ID but their bank accounts and accountants are all registered in their country. Landlords don't accept documents which are from abroad.

"They don't have a credit rating in this country so how can they rent a place?"

For rent:

1. The Grosvenor Penthouse boasts luxurious accommodation in the heart of Mayfair, overlooking Hyde Park and a stone's throw away from the world class shops of Bond Street and Oxford Street. It is available through MIT Property Consultants.

2. For £260,000 per month, you can rent this magnificent apartment. It offers a hydrotherapy Jacuzzi, fitness room with state-of-the-art Technogym equipment and a Kinesis Personal Trainer with a custom-designed massage room. It is available via Cameron Pearson.

3. This luxury house is available for £130,000 per month in the heart of Mayfair. It is arranged over three floors with underground parking and a car lift and includes two dressing rooms, seven bathrooms, bar, gym, swimming pool, steam and sauna room, and roof terrace.Chase Apartments.