article_snippet: With six or seven people chasing every top London property, bidders are desperate to beat bidders rivals to seal the deal on a home.
article_snippet: The frenzy is being caused by the General Election, fears of mansion tax and influx of super-rich escaping Russia and Ukraine, according to letting agents E J Harris.
article_snippet: Stamp Duty has also turned vendors into landlords and buyers into tenants as the central London £2 million to £20 million sales market has stalled.
article_snippet: Elizabeth Harris, managing director of E J Harris, said: 'The dramatic rise in up front tenancy payments is driven by several factors. '
article_snippet: Stamp Duty and mansion tax concerns has turned purchasers into tenants and so competition has risen for the best homes which has led to a rise in up front bids.
article_snippet: The London lettings market has become increasingly international with a new wave of wealthy tenants from Russia, Ukraine, Nigeria and China who are happy to pay Nigeria and China rents entirely up front.
article_snippet: Despite new lettings coming onto The London lettings market, the speed at which new lettings instructions are getting tenant offers has increased dramatically, so the number of available lettings properties is actually lower at the end of each week.'
article_snippet: The London lettings market has been highlighted by a number of eye-opening deals.
article_snippet: A one-bedroom Mayfair apartment was snapped up by a desperate tenant in a record-breaking 40 minutes.
highlights_snippet: Frenzy being caused by super-rich Russians and fears of mansion tax .