Wealthy foreign parents, mainly from Russia, Asia, the Middle East and Africa are paying up to £2,000 a week to rent prime Mayfair apartments for their children, who are attending top London universities.
Not only do they pay these eye watering rents for their offspring, many are paying the whole lot up-front – £100,000 per year.
That’s according to top Mayfair property agents, Wetherell
Increasing numbers of wealthy overseas individuals are forking out the £100,000 upfront for a full year to give their families luxurious student accommodation in Central London, the agency says.
The poshest parts of central London – Mayfair, Kensington & Chelsea and Knightsbridge – are attracting the students, replacing bankers as the most common types of tenant.
The rich children of Russian oligarchs, Middle Eastern royals, super-rich east Asian businesspeople and African heads of state are coming to Britain for the start of the new university term.
For the average student, having a place at a standard London hall of residence will cost around £170 per week, with six evening meals included, and would in itself seem expensive. But, it seems, these wealthy parents are unfazed by these eye-watering costs in the most fashionable areas of London.
Being close to leading universities has boosted demand in these high end areas as London shows the highest concentration of first-class universities in the world, that’s according to The Times Higher Education World University Rankings.
But Peter Wetherell, managing director of Wetherell estate agents on Mount Street in the heart of Mayfair, has said there has been a big upswing in silver-spoon foreign students this summer, and 35% of all his flats in the £750- to £1,000-a- week bracket are now rented by students.
— LandlordZONE (@LandlordZONE) October 23, 2014