Prime Central London Lettings Survey 2026: Luxury House Rents Rise 67%

London's luxury rental market has seen a marked shift during the first half of 2026, with fewer homes available to rent and significantly higher values being achieved for the best properties.

Our latest Millionaires Letting London Survey, analysing luxury houses and apartments rented across Prime Central London during the first half of 2026, found that average achieved rents for luxury houses reached £4,177 per week, or £217,204 per annum (a 67.15% increase on 2025).

Luxury apartments and penthouses also recorded significant growth, with average rental values reaching £1,957 per week, up 15.12% year-on-year.

At the same time, approximately 1,911 properties were rented for more than £1,000 per week during the first six months of 2026, compared with 3,442 in H1 2025 (a fall of 44.48%).

Why Are Luxury Rents Rising in London?

The reduction in available rental property has coincided with sustained demand, particularly at the upper end of the market. While overall transaction numbers have fallen, the share of lettings above £3,000 per week increased from 14% in 2025 to 16% in 2026,with those above £5,000 per week rising from 4% to 5.23%.

This is also reflected in our own activity, as lettings agreed above £4,000 per week are up 125% year-on-year in our Mayfair office. For landlords with well-presented homes in London's most sought-after addresses, the combination of limited supply and sustained demand is supporting higher achieved rental values.

International Tenants Continue to Choose London

Demand from overseas tenants has increased during 2026, with our data showing a 30% rise in applicants from the Middle East, 20% from the United States and 5% from China.

There is an interesting crossover with what we are seeing in London's sales market. Our recent Mid-Year Billionaire Buyers Survey 2026 recorded £1.24 billion of £15 million-plus residential sales during the first six months of the year, with American and Gulf buyers accounting for more than half of transactions.

However, not every household coming to London is looking to purchase. Our lettings research found that seven out of ten of these households are currently choosing to rent rather than buy. For those intending to remain in London for between one and three years, renting offers flexibility without many of the additional costs and ongoing management associated with property ownership.

We are also seeing more repeat tenants, both domestic and international, choosing to remain in the London rental market for longer.

What Are Luxury Tenants Looking For?

Across luxury rentals in London, the most sought-after houses are beautifully presented, turn-key homes with five or more bedrooms, air conditioning, leisure facilities and private outside space. At the very top of the market, swimming pools are also sought after.

For apartments and penthouses, tenants typically look for three or more bedrooms, air conditioning and concierge services, alongside amenities including gyms, cinemas, club lounges and swimming pools.

Some of our most significant lettings during 2026 demonstrate the level of demand for exceptional properties. A house on Mount Street in Mayfair was let for £33,000 per week (£1.71 million per annum), while an apartment at One Hyde Park in Knightsbridge achieved £32,500 per week (£1.69 million per annum). A Chelsea townhouse on Cheyne Walk was let for £30,000 per week and a Notting Hill townhouse for £25,000 per week.

The Mount Street and One Hyde Park transactions represent record rental values achieved in the capital's lettings market over the past five years.

London's Most Sought-After Rental Addresses

Our H1 2026 data identifies Mayfair, Knightsbridge, Belgravia, Kensington and Notting Hill as the five most sought-after addresses among affluent international tenants.

Kensington accounted for 17% of London's luxury rental transactions, up from 14% in 2025, with its large houses and apartments continuing to appeal to both Middle Eastern and American tenants. Mayfair recorded 114 transactions, slightly ahead of 2025, while neighbouring Marylebone increased from 81 to 87.

In Belgravia, Knightsbridge, Chelsea, St John's Wood and Notting Hill, transaction numbers have fallen alongside the reduction in properties available to rent. In Belgravia and Knightsbridge, for example, 170 deals were recorded during H1 2026 compared with 249 a year earlier, despite both areas remaining particularly popular with international tenants.

The Outlook for Prime Central London Lettings

The first half of 2026 has shown a luxury lettings market with fewer properties available, but continued demand from both domestic and international tenants. Higher-value lettings now account for a greater share of activity, while the strongest values continue to be achieved for well-presented, turn-key homes in London's established prime neighbourhoods.

For landlords, quality, condition and location remain particularly important, while for tenants, reduced availability means the search for the right home can involve a much smaller pool of suitable properties.

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