Ultra-rich pay up to £40,000 a week to dodge Britain's property taxes

See more This is Money on Google - save us as a Preferred Source Updated: 01:01 EDT, 23 August 2026 London’s ultra-rich are forking out as much as £40,000 a week for rental properties in the capital as steep stamp duty bills and fears of more punitive property taxes in the Autumn Budget put many off buying. Trevor Abrahamson, boss of estate agent Glentree, said fear of higher levies was fuelling the rise of exorbitant rents, adding: ‘We are agreeing deals on apartments and houses at £17,000 to £40,000 a week.’‘Many would rather own a home, but overseas buyers face stamp duty rates of as high as 19 per cent.’Becky Fatemi, of Sotheby’s International Realty, said speculation over what could be coming in autumn had been ‘often more damaging to a property market than the tax itself’, adding: ‘In London, we have been seeing buyers and sellers hesitate because they simply don’t know what the next fiscal announcement might mean for them.’ Expensive: London’s ultra-rich are forking out as much as £40,000 a week for rental properties in the capitalStamp duty on a £20million property for an overseas buyer acquiring a second home is £3.7million, enough to fund two years of £40,000-a-week rent. A domestic buyer faces a £2.3million bill – which would fund more than two and a half years of £17,000-a-week rent.Stamp duty bills and mansion taxes have been blamed for a sharp fall in house prices of up to 25 per cent in some of the UK’s richest neighbourhoods.DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you