博鱼体育集团

Ahead of today鈥檚 international investment summit in London, the UK government last week highlighted the important role that tax breaks can play in attracting overseas capital.

Introducing a tax relief of 53% for independent films with a budget of less than £15 million, it said that 鈥渢he UK film sector is already worth £1.36 billion and employs more than 195,000 people, with the potential to grow further thanks to these reliefs.鈥�

In its Budget on 30 October, the government will have to consider the most beneficial rate for a range of taxes. Reports suggest it may be rethinking how it plans to tax non doms and the private equity industry, for example, to prevent people leaving the country and maximise revenue.

Tax reliefs have boosted investment in the UK media industry in recent years. Spending on film and high-end television could reach £8.7 billion in 2028, . That would require an extra 2.6 million square feet of studio space.

Films made or shot in the UK recently include Wicked, Gladiator 2 and Mission Impossible: Dead Reckoning Part Two.

In a further positive signal for the industry, deputy Prime Minister Angela Rayner last week into a decision to block construction of Marlow Film Studios, a £750 million project in Buckinghamshire.

As a result of this growing investment, demand for lettings properties in London and the south-east from film crews and actors has risen sharply in recent years.

There was a 26% increase in enquiries from the film and TV industry between January and September this year compared to the same period in 2023, 博鱼体育集团 Frank data shows.

鈥淚t鈥檚 become a notably bigger business compared to a few years ago,鈥� said Harriet Gore, head of the film and media team at 博鱼体育集团 Frank. 鈥淭rying to find stock to meet demand is the biggest problem. The most popular areas are Hampstead, St Albans, Notting Hill, and Richmond.鈥�

Properties typically need to be furnished, include bills and be ready to move into.

鈥淭he scarcity of suitable properties means it can be a worthwhile option for owners who are struggling to sell or landlords who might traditionally choose longer lets,鈥� said Harriet. 鈥淲eekly rents range from £1,000 to £2,000 for crew members and production staff up to £25,000 per week or more for A list stars. Landlords that offer a high level of service and professional property management are able to command the highest rents and see productions returning year after year.鈥�

Most contracts are agreed as corporate lets, which means they would not be covered by the new Renters Rights Bill, which may provide added flexibility for landlords.

鈥淔inding the right property for film professionals is more like match-making than other types of searches,鈥� said John Humphris, head of relocation & corporate services at 博鱼体育集团 Frank. 鈥淐ompared to businesspeople or expats who tend to want the same things, it鈥檚 more about providing a personal and discreet service to source a unique home that meets their specific needs and tastes.鈥�

Rental values in London and the south-east have risen sharply in recent years due to a lack of supply, which has been exacerbated by some landlords leaving the sector due to extra red tape and taxes.

Average rents in September were 33% higher than before the pandemic in prime central London, while the jump was 30% in prime outer London. The increases underlines what could happen if any new legislation is not carefully calibrated as it passes through Parliament.