07 Sep 7.09.2018 Wealthy overseas parents buy £2 billion worth of property to get their children to top UK schools
7.09.2018 Wealthy overseas parents buy £2 billion worth of property to get their children to top UK schools
According to Knight Frank, a high-end estate agent, rich overseas parents bought over £2 billion of property in London over the past twelve months in order to secure their children a place in a private school or university in the capital.
Over the past year, foreign buyers purchased 2,162 properties valued at a combined £2 billion, up from £1.65 billion in the previous year. Liam Bailey, Knight Frank’s head of research, said that a lot of properties, which had an average value of £925,000, were bought to be used as a base while the owners’ children studied at schools such as Westminster, Harrow and Eton, or universities near the capital.
According to the research, most of the demand is from buyers from China and Hong Kong, followed by those from Singapore, India and Russia.
Wealthy overseas parents are attracted to the buildings located “in the very heart of London” with the high level of security, including a 24-hour concierge, keycard entry and security cameras in every lobby, extra leisure facilities, including swimming pool, gym, spa and saunas and panoramic views.
Liam Bailey said, “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.
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.”
“An awful lot of people do buy property in London and other academic centers 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,” said Henry Pryor, a luxury property-buying agent.