A website dedicated to wealthy Londoners with up to £11,000 a week to spend on renting accommodation opened for business yesterday, claiming its service will make upmarket houses and flats cheaper and easier to find.

Globalresident.com, set up by two former bankers, has targeted the financial community in search of accommodation in Central London.

Properties available on the website range from £11,000 a week for Mayfair apartments to £150 a week, for something a little less salubrious.

The company was set up after co-founder Sumir Bhardwaj had problems finding somewhere for his family to move to in central London.

"Everyone who is renting can relate to the fact that there are real inefficiencies in the market, there's a business problem that needs to be fixed," he said.

The company claims it overcomes problems of slow searching and scant choice faced by other such sites.

The system allows users to perform fast detailed searches and arrange viewings through its web-based messaging system, the company said.

The site provides photographs of properties and brief details of facilities provided.

Mr Bhardwaj and co-founder Jason Kushner left jobs at investment bank Merrill Lynch at the end of February and believe their business is unique because it focuses on rental properties in London.

"We are going to have one of the largest selection of quality rental properties in London. You can come to the site when you are sitting at home or in the office, do a very quick search and get a great selection of properties", Mr Bhardwaj said.

He believes the company will be profitable in a year because of its lean and cost-conscious approach, although he declined to specify the business's rate of cash burn.

The aim is to make 60% of income from commission on properties let, with 30% coming from its recommended service providers and 10% from advertising revenue.