Wealthy renters have paid £100 million up-front this year alone to cover their entire tenancy as competition for ideal homes intensifies , it was revealed today . With six or seven people chasing every top London property , bidders are desperate to beat their rivals to seal the deal on a home . As a result they are willing to pay a full year 's rent , deposit and fees up-front - handing over £200,000 on average to the landlord . Areas in most demand : A map shows the top ten locations for up front rental payments in London . This is based on figures from Dataloft , which says the average prime London home costs £3,500 per week to rent . In total , around £100 million has been paid up front in the first ten weeks of 2015 , which is twice as much as the same period last year . 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 . 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 . A number of these rich people are happy to pay their entire tenancy up front despite the properties costing them around £10,000 per week . On Mount Street , in Mayfair , above , more than 80 per cent of the tenancies are secured by up-front payments with lettings values rising by 25 per cent in the past two years . The top ten locations for up front rental payments are Mayfair , Belgravia , Knightsbridge , St James 's , Soho , Fitzrovia , Marylebone , Westminster , Chelsea and Kensington . On Mount Street , in Mayfair , more than 80 per cent of the tenancies are secured by up-front payments with lettings values rising by 25 per cent in the past two years . Elizabeth Harris , managing director of E J Harris , said : 'The dramatic rise in up front tenancy payments is driven by several factors . '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 . A photo taken on Eaton Place in Belgravia - the area in London came second in the top ten list of up front rental payments . '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 their rents entirely up front . Estate agent Tunstall Lettings had one case where a young woman in China paid £4million up front for five years for a property in One Hyde Park . E J Harris had another case of a wealthy Nigerian paying more than £1million up front to rent a property in Mayfair . 'Despite new lettings coming onto the 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 . ' The mad market has been highlighted by a number of eye-opening deals . A one-bedroom Mayfair apartment was snapped up by a desperate tenant in a record-breaking 40 minutes . An a wealthy young man paid £400,000 up-front to rent a luxury flat only to love the place so much he bought it three days later - for more than £10 million . Mark Tunstall , managing director of Tunstall Property , added : 'They have the financial wherewithal to sidestep the referencing requirements usually imposed by landlords by offering up-front lump-sum payments . 'Whilst global interest rates remain at historical lows it is of little consequence if those with substantial liquid cash reserves have to pay their rent in advance . 'And similarly , it does n't confer the benefits on landlords that it used to do , when they would often accept a discount on the asking rent in return for the benefit of a slug of cash which they could then invest profitably elsewhere . ' Knightsbridge came third on the list of top ten areas where money is paid up front for property rental .
Some pay full year 's rent , deposit and fees up-front to land properties . On average , desperate buyers in London handing over £200,000 to landlord . Comment: Frenzy being caused by super-rich Russians and fears of mansion tax .