Rich Londoners No Longer Renting, They’re Buying

Affluent London residents are moving away from renting high end homes and buying them instead, so says a recent report.

The report suggests that softening London prices are making buying more attractive than renting, which has become popular in recent years as buyers have opted a ‘wait and see’ approach to the market – and that the supply of affluent tenants is ‘flatlining’.

Beckie Strum of Mansion Global says: “The number of prospective tenants with a budget above £5,000 (US$6,579) per week has plateaued since mid-2018, according to the latest prime central London rentals index from brokerage Knight Frank published Tuesday. That marks the reversal of a trend in which multi-millionaires chose to wait out the ongoing volatility in the London housing market by camping out in pricey rentals.”

Ultimately, the prime London market has always been one where buyers want to put (or store) their wealth. So news that renting this kind of property may be falling out of favour isn’t too much of a surprise.

Source Mansion Global
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