Wealthy Londoners look to cash in on pied-à-terres

Many part time Londoners are choosing to sacrifice the luxury of their city ‘crash-pad’, either selling up or renting it out to create some extra income and ease stretched finances, reports property consultants Cluttons.

The reduction in the number of people who work in the city keeping a second residence, has resulted in a 15% rise in high quality, smaller apartments coming onto the lettings market in prime areas of central London, says Cluttons. This has opened up a new market for tenants, who are now able to achieve the pied-à-terre lifestyle in areas such as Belgravia and Kensington, at some keenly priced rents.

Louisa Woodbridge, Lettings Partner at Cluttons' Belgravia office, comments:

“The pied-à-terre has long been a status symbol in prime central London, so it is little surprise that their existence has diminished somewhat in recent times as the recession takes hold.

“This has created new opportunities for more London tenants to live in some of the most desirable central locations, at rents they can afford. Pied-à-terre owners looking to generate income from their property are usually keen for a quick return, so this lifestyle can now be achieved at some very competitive rental rates.”

Cluttons is currently renting a number of ex pied-à-terre properties throughout the capital. The latest to come to the lettings market is a one bedroom apartment in a highly sought after area near Holland Park. Situated just off High St Kensington, the second floor Victorian conversion is ideally located for work and leisure convenience and overlooks communal gardens. It is currently available for £395 per week.

For more information, visit Cluttons.com.