High Net Worth Individuals from overseas are not only paying up to £2,000 a week to rent prime London apartments for their children to attend top London universities, they are paying a year’s rent upfront, says Mayfair agency, Wetherell
Rising numbers of wealthy overseas families are paying £100,000 upfront for a year’s rent in luxurious student accommodation in Central London, says a top agency.
They think nothing of paying up to £2,000 a week and stumping up a year’s rent upfront for high-end properties in prime areas of the capital, says London based estate agency, Wetherell.
Students from Asia, Africa and the Middle East are renting prime flats near to some of the world’s most prestigious universities and at some of London’s heftiest price tags.
There has been a boom in students renting properties that boast some of London’s most sought-after postcodes and students occupy more than a third (35%) of Wetherell’s flats priced from £750- £1,000 per week.
Students account for one in four (41%) of the occupants of more than 500 properties across Mayfair, Knightsbridge, Belgravia, Kensington and Chelsea, according to data from Mayfair-based Wetherell.
These luxurious properties fetch £600 a week on average, but exclusive flats in popular neighbourhoods like Chelsea that represent the equivalent of a luxury hotel suite, can command up to £2,000 a week.
Managing Director Peter Wetherell, says, “The families want them to be in secure and luxurious ‘home from home’ accommodation, so provide them with chic apartments in high quality buildings. They choose to rent in Mayfair because they like the West End’s nightlife, restaurants and shops
“For these high net-worth individuals, the cost of living, along with the eye watering rental rates, are no object, meaning students are moving into what are often the most expensive streets in the country.”
Close proximity to leading universities has bolstered the ongoing demand for rental properties in the area, especially as The Times Higher Education World University Rankings showed earlier this month that London has the highest concentration of first-class universities in the world.
In June, Wetherell data showed that Indian purchasers are now the largest group of overseas buyers in Mayfair.
Indian purchasers now make up 25% of all purchasers, followed by Asian and European buyers on 19% and Russian and Middle Eastern purchasers with 13%.
Ultra High Net Worth (UHNW) property, investors and developers have purchased more than £1billion of luxury homes, estates, hotels and leisure outlets in the last 12-18 months, says Mayfair-based Wetherell.
Some 3,000 UHNW Indian families escape the heat of the Indian summer to make Mayfair their summertime address, living in their London homes, renting property or staying in luxury hotels.
By Adrian Bishop, Editor, OPP Connect
Twitter: @opp_connect