Demand for rentals in the prime London property market have surged with rental prices reaching a record £55,000 per week.

Harrods Estates, the luxury real estate arm of the Harrods Group, has reported a surge in demand for luxury rental properties in 2011.

‘The prime property market in London is the fastest growing area in the UK. We have not only seen an increase in demand from buyers but also those looking to rent which in turn is pushing prices up. We recently secured a rental of £55,000 per week, which is a record figure for us,’ said Shirley Humphrey, sales and marketing director of Harrods Estates.

From March 2011 to date, Harrods Estates achieved rentals at an average let price of £4,285, compared with average rentals of £1,955 in the same time period of the year before.

‘Some 89% of our sales are from high net worth individuals from overseas, particularly Russia, Middle East and Asia, where we achieve our highest sales. The short supply of property and high demand from international buyers is unlikely to slow, indicating prices to buy and rent will be even higher by the end of 2011,’ she explained.

‘Rental prices have almost doubled in the last 12 months. We have seen the highest rent prices in Knightsbridge, an average of £4,900, proving the area remains the most popular location for wealthy individuals from overseas,’ she added.

In addition to the experienced professionals on the Russian and Middle Eastern desks, Harrods Estates is able to call upon the skills of interpreters on hand in store who are able to speak 27 different languages collectively.

Harrods Estates specialises in the sale, let, acquisition and management of some of the most exclusive properties in central London. Established in 1994, the Harrods Estates team is divided between two offices. The flagship Knightsbridge office is opposite the main Harrods store on Brompton Road and covers the areas of Knightsbridge, Chelsea, Belgravia and South Kensington, whilst the Mayfair office on Park Lane focuses on Regent’s Park, St John’s Wood, Mayfair, Marylebone and St James.

BOOKMARK THIS PAGE (What is this?)