Rents for luxury houses across Prime Central London have risen by almost 70% during 2026, while apartments and penthouses are up more than 15%, according to the latest Millionaires Letting in London Survey from Beauchamp Estates.
The bi-annual survey tracks off-market and registered rental deals by multi-millionaire and billionaire tenants across Prime Central London, drawing on the agency’s in-house deals database and local market intelligence. This edition covers houses and apartments let for over £1,000 a week ($1,950) between January and June 2026.
The average luxury London house now rents for £4,177 a week ($8,145), or £217,204 a year ($423,548) – up 67.15% on 2025’s £2,499 a week ($4,873), or £129,948 a year ($253,398). House sizes have barely moved, averaging 2,275 square feet in 2026.
Apartments and penthouses rose 15.12% to £1,957 a week ($3,816), or £101,764 a year ($198,440), even as the average apartment size fell to a three-year low of 1,255 square feet.
The most expensive deals of the year included a Mayfair house on Mount Street let for £33,000 a week ($64,350), or £1.71 million a year ($3.34 million), and a Knightsbridge apartment at One Hyde Park let for £32,500 a week ($63,375), or £1.69 million a year ($3.30 million) – both described by Beauchamp Estates as record rental values for the London market over the past five years.
Beauchamp Estates attributes the spike to falling supply meeting rising demand from wealthy tenants in the Middle East, America and the domestic UK market.
Applicant numbers from the Middle East rose 30% during 2026, from America 20%, and from China 5%. The agency links Gulf demand to the regional crisis and ongoing hostilities, with wealthy families – including Gulf nationals and expats – seeking London homes as a safe haven, while rising American demand is linked to the strength of the AI, tech and private equity sectors and comparatively lower living costs in London.
Beauchamp Estates says seven in ten London ultra-prime households now choose to rent rather than buy, citing uncertainty around potential further changes to property tax, pension tax and an anticipated wealth tax in the Autumn Budget on 28 October 2026 under the current Labour government.
On the supply side, the agency points to the Renters Rights Act, property income tax changes due from April 2027 and changes to the Non-Dom taxation system as reasons landlords are exiting the market.
Deal volumes for lettings over £1,000 a week fell 44.48% in the first half of 2026, to 1,911 deals generating £109.2 million ($212.9 million) in revenue, down from 3,442 deals and £177.6 million in the same period of 2025. The remaining stock has concentrated at the top end, with lettings above £5,000 a week now making up 22% of total revenue, up from 18% in 2025.
Among London addresses, Kensington recorded the largest share of deals at 17%, though its overall deal count fell 42% on 2025 due to shrinking supply. Mayfair, Marylebone and West Kensington/Earls Court – the latter buoyed by a $23.0 billion (£11.8 billion) regeneration precinct – all posted gains, while Belgravia, Knightsbridge, Chelsea, Notting Hill and Primrose Hill all recorded fewer deals as available stock dried up.
Chris Tinkler, Head of Lettings at Beauchamp Estates’ Mayfair office, said the shift has been good news for owners of well-presented rental stock.
“Falling supply set against rising demand has led to a significant rise in lettings values being achieved for luxury houses and apartments across Prime Central London,” he said.
“The latest Millionaire’s Letting in London Survey data shows that landlords with well maintained turn-key homes in sought after areas are in exceptionally good positions and can command and achieve great rental values with the additional benefit of low void periods.”
Jeremy Gee, Managing Director of Beauchamp Estates, said government policy needed to strike a balance.
“Despite the Renters Rights Act requirements, London landlords with turn-key luxury homes are facing less competition, rising rental values and strong demand from discerning tenants,” he said.
“However, the Labour Government need to be mindful that excessive legislation and taxation are harmful to the capital’s rental market, hence the contracting supply pool.”