Affluent American, European, and Chinese tenants drove the demand, particularly in prestigious areas like Chelsea, Mayfair, and St John’s Wood.
Transaction volumes rose by 4.7% year-on-year, with the total value of long-let deals increasing from £362.25 million in 2023 to £379.45 million in 2024.
Wealthy Americans emerged as the largest overseas tenant group, favouring addresses in Notting Hill, St John’s Wood, Chelsea, and Mayfair.
Chelsea saw a standout performance, with rental transactions increasing by 21% compared to 2023.
This surge in demand is attributed to the area’s high-end boutiques, exceptional dining options, and excellent transport links, positioning it as the epitome of luxury living.
Notable transactions included a short let for £22,000 per week in Brompton Square, featuring a nine-storey townhouse with nearly 6,000 sq. ft. of living space, a swimming pool, and dedicated housekeeping services.
Short-term rentals gained significant traction, with properties averaging larger sizes (2,587 sq. ft.) and achieving higher weekly rents, up 34% year-on-year to £2,739.
Beauchamp Estates brokered the year’s highest short-let deal: £45,000 per week for a contemporary five-bedroom home in Notting Hill. This property boasted a subterranean leisure wing with a swimming pool, spa suite, and cinema, illustrating the increasing demand for ultra-luxurious homes.
The survey highlighted the continued appeal of London’s prestigious postcodes, with Bayswater, Knightsbridge, and Chelsea dominating the market.
Family-oriented areas like St John’s Wood and Hampstead also performed strongly, attracting tenants seeking access to excellent schools and spacious homes with private gardens.
Beauchamp Estates attributes the surge in short-let demand to global uncertainty, including changes to Non-Dom tax regulations, prompting many Ultra High Net Worth Individuals to opt for short-term agreements.
“Rental values remained strong in key hotspots, and there was an increase in overall transaction volumes, indicating stability and continued demand in the market. Prime Central London remains a key destination for both short and long stays,” said Beauchamp Estates Managing Director, Jeremy Gee.
Looking to 2025, the survey predicts a further increase in American renters, particularly those seeking prestigious neighbourhoods with proximity to schools like The American School in London and cultural landmarks.
