Inside London‘s most boujee area where rent is more than your salary
From sky-high rents to nightmarish flatmate experiences, it’s no secret that London has one of the world’s most intense property markets.
Now, new data has revealed that one boujee neighbourhood houses 160 ‘super prime’ rental properties where the rent costs more than the average salary.
Any guesses? Unsurprisingly, it’s Westminster – a zone 1 location that’s famously home to the Houses of Parliament, Buckingham Palace, and Westminster Abbey.
Analysing current rental market stock, Benham and Reeves’ figures found that one in five rental properties across the UK cost the same amount in rent as the average monthly income – but some ‘super prime’ locations require an entire year’s income (or even more) to rent for one single month.
As per their findings, the average UK worker earns £35,481 per year, averaging £2,957 per month. And yet, almost half (47%) of London rental properties asked for more than the average monthly earnings.
In Westminster specifically, 160 properties exceeded the £35,000 threshold for just one month’s rent, accounting for 3.3% of all rental listings in the borough and averaging a whopping £54,167 per month.
Who are the tenants renting out Westminster’s ‘super prime’ properties?
So, who are the tenants renting out these properties? As Benham and Reeves’ director Marc von Grundherr tells Metro.co.uk, Westminster is largely made up of international renters.
‘When considering the super prime market, the vast majority are international tenants. We see these clients coming from Asia, namely mainland China, as well as the UAE, Saudi Arabia, Turkey, Latin America, and even some Russians that come via other nations like Cyprus and the UAE,’ Marc explains.
‘All of these tend to be business owners or are in the capital on business, while some are also the relations of business owners or have family wealth. It is worth noting that super prime renters usually come with (or hire) a member of staff, and so they often require an additional bedroom.’
And, as Marc notes, the super prime market properties are lived in – though some tenants might use their home as a London base for the working week and ‘return to the country’ for the weekends.
What do you get for your money?
Wondering what these ‘super prime’ properties might look like? These uber-boujee homes span flats, terraced houses, townhouses, mews and detached houses – and, as expected, the interiors are often rather opulent.
‘These often have luxury or ultra-luxury interiors, as well as high-end or sought-after amenities and features such as gyms, swimming pools, private gardens, rooftop terraces, and parking,’ Marc adds.
‘On average, these properties range from three to seven beds, and include a mix of short, medium, and long-term let options. Of course, it goes without saying that these are located within some of the most exclusive areas of London.’
Why is Westminster so desirable?
Westminster’s appeal is all about location, as the borough spans some of the city’s most iconic areas including Knightsbridge, Mayfair and Belgravia.
‘It is located right in the heart of the city and so it is ideal for professionals that need to be close to work in Canary Wharf or the city, as well as international students that need to be near their university,’ Marc concludes.
‘For high-end renters, convenience is often most important.’