London’s Mayfair ‘world’s most expensive area to stay in’: Wetherall

London is the world’s most expensive city to rent a serviced apartment, rental-flat or five-star hotel, according to a new report from estate agents Wetherall. 

The Sleeping In London study found that an undersupply of five-star hotels, caused by land prices and the strength of the pound, is pushing costs up – at £11,700 per night for its top suite, Mayfair is London’s most expensive hotel destination.

Rising property values in prime central London (up 78% since 2009) are making budget hotels unviable, with five-star hotels being the only viable option.

At £2,050 per night, the cost of renting a five-star London hotel suite is now eight times more expensive than renting a furnished apartment (£248).

And at £746,044, the cost of renting a hotel suit for a year in London is the price equivalent of buying a flat in London or a country house in the Home Counties.

It is expected that branded residences that provide hotel suites, serviced apartments and private sale flats are set to grow and become a major niche sector of the London property and hospitality market.

Pete Wetherall, chief executive of Wetherall, said: “Our new Wetherall Sleeping in London report shows the astonishing strength of the recovery in values in the luxury hotel, serviced apartment and private rented markets in prime central London since the global recession of 2007 to 2009.

“Since 2009 hotel and rented apartment rates have risen by over 25% and the cost of renting a room and sleeping in London is now at a record high. In the hospitality sector, Mayfair takes the crown as the most expensive place to sleep in London, and one of the most expensive in the world alongside New York and Monaco.”

Image courtesy of VisitEngland/Diana Jarvis