The average rent by ultra-high net worth individuals in prime London is now almost £220,000 per year, says an agency in the sector.
Beauchamp Estates says that lettings values achieved for luxury houses across Prime Central London have risen by almost 70% during 2026 with rental values for luxury apartments and penthouses rising by over 15%.
It says the sharp increases driven by falling supply set against rising demand from wealthy tenants from the Middle East, America and the domestic UK market
In detail, the agency’s Millionaires Letting in London Survey reveals that average lettings values for luxury London houses and mansions hit £4,177 a week (£217,204 per annum), a 67.15% rise on 2025 when the value was £2,499 a week (£129,948 per annum), which is also up on 2024 where the equivalent figure was £2,715 a week (£141,180 per annum).
Over the last three years the average size of London house being rented has hardly changed at 2,275 sq.ft. for 2026, 2,246 sq.ft. in 2025 and 2,308 sq.ft. in 2024.
Likewise the average lettings values for luxury apartments and penthouses has risen to £1,957 a week (£101,764 per annum), up 15.12% on 2025 when the figure was £1,700 a week (£88,400 per annum)
The figure in 2024 was £1,775 a week (£92,300 per annum).
The average size of luxury apartment being let is at a three year low, 1,255 sq.ft. in size. The average sizes in 2025 and 2024 were 2,246sq.ft. and 1,347 sq.ft. respectively.
The most expensive luxury London homes let during 2026 were a house in Mayfair’s Mount Street, let for £33,000 a week, on a long let (£1.71 million per annum); a Chelsea townhouse in Cheyne Walk let for £30,000 a week (£1.56 million per annum equivalent); and a Knightsbridge apartment in One Hyde Park let at £32,500 a week, long let (£1.69 million per annum).
Beauchamp Estates says that the rise in lettings values being achieved for both houses and apartments in the best addresses across Prime Central London is a reflection of falling supply set against rising demand putting a strong upward pressure on rental values at both asking and achieved levels.
The number of applicants from the Middle East wanting to rent luxury homes in London has risen by 30% during 2026; the number of applicants from America has risen by 20% whilst the number of Chinese applicants has risen by 5%.
And the agency adds that the demand from the Middle East is a direct result of the Gulf-crisis and the ongoing hostilities in the area. Wealthy families from the Middle East, including Gulf nationals, UK/European expats and Gulf based expats from India and Pakistan are seeking homes either to let or to purchase in London as a safe haven
