The UK's cash-strapped multimillionaires are cashing in on their watches worth up to £500,000 as they struggle with the cost of living crisis.

They are able to raise money as their watches – which are loved by celebs like the Beckhams, Rafael Nadal, Pharrell Williams and Michelle Yeoh – shoot up in value by 20% every year.

The TV star, who shot to fame on Channel 4’s Posh Pawn, revealed: “On average, we receive hundreds of watches a week, however, in the past year we have noticed a stark increase in these luxury watches ranging in value from £50,000-£500,000.

“A year ago we were being offered 40-50 a week but now it is 75 to 150 and even 200 in a good week. It is a real trend.

“High-network individuals have high value assets but a liquid cash problem. They are taking out loans against their watches in order to have a little bit of liquidated cash in these current economic times.

“At Prestige pawn we have an extremely high redemption rate compared to the industry average which means that the majority of our client do come back and pay their loans to collect their items.

“For example, one customer explained to us that he uses our service whenever he decides to make a risky business move.

“He can use the money for the business move, come out on top and get back his watch, whereas through the bank he would have to put something like his home or business up as a collateral. It would take a lot longer, could go against his credit history if things did not turn out well, and he would lose a lot more than just a watch.

“It is a smart business move, using assets which if you do lose, you can get back when economic situations improve.

“With watches so high in value, this is an attractive option for businessmen.”

The pawnbroker added: “We have received some really rare models such as the Richard Mille model 015, Patek Aquanauts and Patek Nautiluses in stainless steel, white gold and rose gold.

“These extremely expensive watches are increasing in value year on year. They can double, or even triple, in price on the secondary market.

“Standard Richard Mille watches can sell for £1 million, with even rarer models surpassing this figure.

“Some of the most sought-after Richard Mille watches have sold for over $2 million, such as Jay Z’s RM 001 and Nadal’s RM 27-04 valued at $2.5 million.

“If they continue to make such rare models, it is expected that their value will continue to increase to incomprehensible figures.

“Celebrities have definitely made these watches a desirable asset. The Beckhams own an extensive Patek watch collection, valuing millions of pounds, and Michelle Yeoh acts as the female ambassador for Richard Mille, with her own exclusive designs.

“With these watches so high in demand and in price, we are expecting this trend to continue increasing.”

Prestige Pawn specialises in luxury items and its sales are a barometer of fashion and economic trends. The company values anything from jewellery and accessories to helicopters, Lamborghinis and secret letters from royals and rock stars.

Plans are advancing to revive the TV show which ran for seven series showcasing a revolutionary take on high-end pawn broking and the astonishing items that came into his stores.