Don’t it make your proud? Prime London rents are 42% more expensive than the international average

London_bus_by_E01_March_15_2008_Flickr_Creative_Commons

So says a new report from Savills – and as always with Savills, it’s the top end of the market they are looking at.

More specifically they have based their research on what they call the Savills Executive Unit (SEU).

This is made up of one middle-aged ex-pat CEO, one senior ex-pat director, a locally employed director and four locally employed administrative staff – and what a great night out on the town you’d have with that little lot.

The total annual cost of renting all the accommodation needed by said SEU for one year averages £257,000 across 10 top cities, ranging from £366,000 in London to £115,000 in Mumbai.

The report explains:

London and Paris have the highest rental levels of the 10 World Class cities and these are fuelled by domestic, as well as corporate, demand as would-be purchasers are pushed into the rental sector due to credit restrictions.

Hong Kong,Tokyo and New York are also high-priced rental cities and, in common with all of the top five, are driven by ex-pat/corporate demand at the top levels.

So you see … all those fat City bonuses are justified … otherwise the poor loves would end up sleeping under the Embankment.

London rents