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
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