London landlords are attracting wealthy overseas families who choose to rent before deciding where to buy, a lettings agency has reported. Benham and Reeves states that relocating families use this rental period to assess neighbourhoods, schools, and daily commutes before purchasing a property.
Marc von Grundherr, director at Benham and Reeves, noted that this trend brings prospective tenants to areas popular with international buyers. He explained that for many international buyers, purchasing a London property is a long-term decision, with wealth preservation and investment potential being key factors.
Families relocating also consider the quality and safety of a neighbourhood, lifestyle, connectivity, and access to London's leading schools. Renting first allows them to experience various aspects of a location, from the school run to local amenities, before transitioning to homeownership.
The firm's analysis of Land Registry data shows 91,136 property titles are held by overseas-registered companies across England and Wales. Greater London accounts for 39,172 of these titles, representing 43% of the total. Westminster has the highest concentration within London, with 9,666 titles, followed by Kensington and Chelsea with 4,958.