{
  "id": 8907037,
  "title": "Property tax uncertainty causes London luxury rents to soar",
  "url": "https://urgent.news/2026/09/21/property-tax-uncertainty-causes-london-luxury-rents-to-soar",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-21T10:40:58.000Z",
  "source": {
    "name": "City AM",
    "slug": "city-am",
    "url": "https://www.cityam.com/property-tax-uncertainty-causes-london-luxury-rents-to-soar/"
  },
  "original_language": "en",
  "account": "Uncertainty surrounding potential property tax reforms in the upcoming London Budget is driving up the cost of renting luxury homes in the city, according to luxury property experts. Andy Burnham, who previously advocated for abolishing stamp duty and council tax in favor of a land-value tax, could potentially increase property taxes, pension taxes, and introduce a wealth tax, creating a cloud of doubt for prospective buyers. This uncertainty has led to a surge in luxury property rentals, with average weekly rental costs soaring by 67% to £4,177, and yearly rental values increasing by 15% to £217,204, according to Beauchamp Estates.\n\nThe influx of demand from the United States and the Middle East has also contributed to the record levels of prime rental property values in London. Ultra-prime households now choose to rent over buying homes at an increasing rate, with seven in ten opting for rental properties, up from six in ten last year and 5.5 in 2022. The majority of rental applications received by Beauchamp Estates cite concerns over potential Labour tax hikes as the primary reason for choosing to rent rather than buy.\n\nMiddle Eastern nationals are among the biggest contributors to the surge in demand, with their numbers in London's luxury rental market surging by 30% this year as they flee the Iran war. Beauchamp Estates attributes the drop in supply to fewer professional landlords and investors, who are deterred by the Renters Rights Act and the end of the non-dom tax regime. The agency's managing director, Jeremy Gee, urges the government to be mindful of the negative impact of excessive legislation and taxation on London's rental market, stressing the need to help the capital's rental market thrive and grow.",
  "summary": "Uncertainty over how the government might shake up property taxes at next month’s Budget is contributing to huge increases in the cost of renting a luxury house in London. Luxury property experts said fears that Andy Burnham could crack down on high-value homes, along with an influx of demand from the US and the Middle [...]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}