We all know how pricey London can be – after all, it’s one of the most expensive cities in the world. But just how much money do renters in the capital’s poshest areas actually spend on their properties?
Property experts FastSaleHomes.co.uk have surveyed London rental properties to get an idea of what a person could buy if they moved outside the UK’s capital. The research shows what could be bought with the money one would have to spend on renting these properties for a year.
I find the figures quite frightening. If, like me, you find the sums a little difficult to comprehend (or believe) click on the links.
Four-bedroom Mayfair Penthouse – £260,000 monthly rent
With the £260,000 you would have to pay every month to rent a four-bedroom penthouse in Park Lane (main picture), you could BUY a three-bedroom house in Southampton. With the roughly £3 million in rent payments for the next 11 months you could invest in a four bedroom, four bathroom house in Florida. Or with just one year’s rent, you could buy around 16 properties in the East Midlands*.
Just one month’s rent could buy a car enthusiast a McLaren 720S supercar (which starts at £208,000). Alternatively, it could sail two people around the world on a 112-night cruise – with spending money to spare.
Two months’ rent comes in at £520,000, that’s enough to buy you a new and luxurious three-bedroom flat in Manchester’s city centre.
Prince’s Gate House – £173,000 monthly rent
This eight-bed property in Prince’s Gate costs £173,000 every single month. What could you do with a month’s rent you ask? Buy a Porsche 911 Turbo perhaps? Or you could treat yourself to 36 Chanel bags. What about two months? That could buy you a five-bed detached house in Liverpool.
Three months brings you up to £519,000. With that sort of cash you can buy yourself an apartment in central Paris!
With six months’ rent in this London property (which comes in at roughly £1,000,000) you could get a large house with a pool in New York State.
A year’s rent (roughly £2,000,000) could buy you a six-bedroom mansion with a pool in Georgia, USA. Or you could kickstart a property portfolio with eight properties in the South East.
Buckingham Gate Flat – £151,667 monthly rent
Unless you need the three reception rooms, eight bedrooms, and nine bathrooms which this Buckingham Gate flat has on offer for £151,667 per month, you could buy a spacious house in Birmingham. With only two months’ rent, you could become the owner of a five-bed, five-bath house in Birmingham.
What’s more, with just one month’s rent in this luxurious London flat you could buy a supercar such as the 2018 Mercedes-AMG GT-R, or even five Rolex watches.
A year’s rent (or £1.8 million) could get you 14 homes in the North East, should you want to invest in the area.
Hans Place Flat – £97,500 monthly rent
The Hans Place property comes with luxury amenities including a cinema room, 24-hour uniformed security and concierge services. However, if you could live without that, two or three months’ worth of rent and you’re already looking at making a big property investment outside of London. For example, £300,000 will buy you a four-bed, two-bath house in Edinburgh.
Also, if you feel like splashing cash on something you’ll actually get to keep, you could just buy a luxury car such as the Lotus Exige 3.5 Sport, or even an entry-level yacht, for only a month’s rent.
A year’s rent will equate to £1.1 million – with which you could invest in seven properties in Yorkshire and the Humber.
House in Holland Villas Road – £86,667 monthly rent
With a month’s rent in this Holland Villas Road home, you could buy a two-bedroom duplex in Cardiff. What’s more, the £20,000 per week rent means you could buy a new Volkswagen Golf every week with the money you’d be spending on the London rental property in the same time span.
A year spent in this house equates to £1 million. That would buy you a luxurious one bedroom flat in Leeds city centre, or even five properties in the West Midlands.
*Average property prices per region taken from UK House Price Index