Wealthy parents from outside the UK bought about £2bn of property in London over the past year in order to get their children into private schools and universities in the capital. Most of the demand is from buyers from China and Hong Kong, followed by those from Singapore, India and Russia. An 18-year-old student from China recently moved into a £5m two-bedroom flat in the refurbished Centre Point building, which she will live in while studying at University College London.
Knight Frank, a high-end estate agent, said foreign buyers snapped up 2,162 properties valued at a combined £2bn in the year to the end of May, up from £1.65bn in the previous year.
Liam Bailey, Knight Frank’s head of research, said the properties – which had an average value of £925,000 – were bought to be used as a base while the owners’ children were at schools such as Eton, Westminster and Harrow, or universities in or near the capital.
Knight Frank, a high-end estate agent, said foreign buyers snapped up 2,162 properties valued at a combined £2bn in the year to the end of May, up from £1.65bn in the previous year.
Liam Bailey, Knight Frank’s head of research, said the properties – which had an average value of £925,000 – were bought to be used as a base while the owners’ children were at schools such as Eton, Westminster and Harrow, or universities in or near the capital.
“Our analysis shows just how important the standard of top London schools is to wealthy international individuals, and the demand this contributes to the London property market,” Bailey said. “The majority of overseas buyers appear unconcerned by the impact that Brexit may have on the UK as a place to educate their children and there have even been signs that it has become more attractive to some. Given the potential 10-year span of education for children that come over as young as 11 or 13, many of these parents are looking at a longer-term commitment as opposed to a short-term investment.”
Kathrin Hersel, the property director of Almacantar, Centre Point’s owner, said, “there is a lot of money coming from Asia and they the parents want to make sure their children are close to their studies”.
Henry Pryor, a luxury property buying agent, said he is often tasked with purchasing properties for rich overseas university students to use instead of halls of residence or shared houses.
“An awful lot of people do buy property in London and other academic centres like Oxford, Cambridge, Durham and Leeds, to give their kids a base and have somewhere to stay when they visit. It also gives the parents the option of a good income stream,” he said.
No comments:
Post a Comment