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Trends and Insights

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29 Nov 2023

London Billionaires Opt for Rentals Over Purchase Amidst High Costs

In London, billionaires and multi-millionaires are increasingly choosing to rent rather than purchase homes in response to rising interest rates and tax pressures. Property purchases above £15 million declined from £400 million in the first half of 2022, to £340 million in the same period of 2023. Rental transactions for luxury homes exceeded £5,000 per week have nearly doubled compared to 2022. [Source](