London’s ultra-rich are forking out as much as £40,000 a week for rental properties in the capital as steep stamp duty bills and fears of more punitive property taxes in the Autumn Budget put many off buying.
Trevor Abrahamson, boss of estate agent Glentree, said fear of higher levies was fuelling the rise of exorbitant rents, adding: ‘We are agreeing deals on apartments and houses at £17,000 to £40,000 a week.’
‘Many would rather own a home, but overseas buyers face stamp duty rates of as high as 19 per cent.’
Becky Fatemi, of Sotheby’s International Realty, said speculation over what could be coming in autumn had been ‘often more damaging to a property market than the tax itself’, adding: ‘In London, we have been seeing buyers and sellers hesitate because they simply don’t know what the next fiscal announcement might mean for them.’
Expensive: London’s ultra-rich are forking out as much as £40,000 a week for rental properties in the capital
