Yahoo Finance London’s mega-wealthy rent luxury pads to celebs like Harry Styles to avoid selling up
London’s mega wealthy are opting to let their million pound homes in Notting Hill to A-List celebrities and escaping to the countryside to avoid selling up.
The end of Hollywood’s actor strike has seen a number of cinema and music’s biggest names return to the iconic west-London borough after a near nine month hiatus, estate agents at Winkworth told City A.M.
Hunger Games actress Jennifer Lawrence, and pop sensation Harry Styles are understood to be among famous names spotted in the neighbourhood in recent months.
Rents for the super-luxe homes tend to start at around £5,000 a week and the most popular spots are addresses such as Westbourne Grove and Elgin Crescent.
Both are just a stone’s throw away from The Cow, the star studded pub, which is frequented by the likes of Victoria Beckham and fashion designer Stella McCartney.
Its ‘neighbourhood’ feel and immortalisation from the film Notting Hill starring Hugh Grant and Julia Roberts is also said to be a draw for American celebs.
Lucinda Richardson, lettings director of Winkworth Notting Hill, told City A.M that the capital’s most affluent homeowners are letting their multi-million pound homes to avoid handing over the keys amid a tough period for property sales.
“I think a lot of people are very reluctant to let go of a house, particularly freehold because it’s normally very hard to get back in once you sell it,” she said.
These cash-rich landlords are now opting to live in their second homes in the equally expensive and allusive Cotswold, letting their pads on a short term basis.
“The homes tend to belong to clients with second homes in the country, who are reaching a different chapter in their lives and aren’t using their London homes so much,” Richardson explained on the latest Winkworth Property Exchange podcast.
“They will rent it out on a shorter term, for three to five months. The properties are earning them income but they are not giving up their London home long term – so they can find out how much they miss it,” she added.
London’s prime lettings market has bounced back quicker than the wider sector, as tenants are better financially equipped to deal with rising rents.
But Richardson predicts the market to cool slightly over the coming months.
“Over the past two years, the rental market has been extraordinary but it does seems to be calming down,” she continued.
“However, demand is always there, from studio apartments to larger houses.
“More property is becoming available to boost supply, either through people getting priced out and having to move on or properties that weren’t selling so owners will decide to let for 6 to 12 months.”
