You’re a banker with the spending power to be able to afford living in ‘prime’ locations in London, but you are not yet able (or willing) to buy your own place. Where do you base yourself?
Finance professionals renting a property in London cluster in central locations, but these are not necessarily close to the City or Canary Wharf. The place to be to rub shoulders with other bankers is…Kensington. Failing that, try Chelsea or Notting Hill.
Below is a chart provided to us from London Central Portfolio, residential funds and asset managers, who track the prime rental market in London. Finance professionals account for 31% of tenancies in the upper crust of London’s property market, second only – strangely enough – to students with 34%.
But while students rent around the top universities, London’s bankers are more spread out. Just 5%, presumably junior bankers who want to be close to work, rent in the City. The average rent for bankers in London is £33,287 a year.