London's luxury property market has been suffering after the government increased stamp duty on high-end homes – but the rental market is booming in the Home Counties on the back of the decision.
According to research by Knight Frank, the number of tenant viewings for super prime properties – homes worth over £15,000 per month – has doubled year-on-year in 2016.
Meanwhile, in London, house prices in the top quarter of the market have fallen by over five per cent.
Jemma Scott, partner of Home Counties lettings at Knight Frank, said: "When you consider that the stamp duty on the purchase of a £10m property in the Home Counties is £1.1m, rising to £1.4m if it is a second home or additional residence, that's equivalent to more than three years rent."
International tenants make up a large chunk of the market, accounting for 81 per cent of all the agreed tenancies in the area since 2014.
Over a third of super prime renters are from the US, making the Americans even more active than UK nationals on the Home Counties' super prime circuit. Knight Frank said the Americans are drawn to the area for its international schools.
"The Home Counties are often the first destination for individuals moving out of London, while excellent transport links back to the capital and the wealth of outstanding schools mean they're also favoured by international tenants looking to relocate to the UK," Scott said.