Wealthy Thai families are routinely spending the equivalent of more than THB 130,000 per month in property rental costs alone to send their children for a British education in London.
Thais rank second to Chinese in the amount of money they spend on premium properties for their offspring while studying in the U.K. capital, with Notting Hill, South Kensington and Shepherds Bush being the preferred locations for Thais.
Leading lettings specialist E J Harris reported there are some 107,000 international students studying in London contributing at least £600 million in rental income, with the Chinese, Russian and Malaysian students typically spending up to £1,500 per week to live in plush addresses in Mayfair, Knightsbridge and South Kensington.
Using data from their own client instructions over the last three years and drawing on figures from the Government’s Higher Education Statistics Agency (HESA), E J Harris have analysed the number and country of origin of foreign students in the capital, where they choose to live, the type of properties they let and how much they spend in the private rental sector.
There are some 107,000 international students studying in London, 40,000 from continental Europe and 67,000 from the rest of the world. Overall they spend £1.32 billion on tuition fees; £1.36 billion on accommodation and subsistence (£600 million on private lets or halls of residence costs) and £121 million through friends and family visiting them in London whilst they study.
By country of origin, the largest group of international students studying and living in London come from China (18 percent of all foreign students in the capital), followed by students from the U.S. (9 percent), India (7 percent), Hong Kong (5 percent), Malaysia (4 percent) and Nigeria (4 percent). Other significant foreign student nationalities are people from Saudi Arabia, Singapore, Pakistan and Canada.
E J Harris reveal on an annual basis 20 percent of their inner London clients are students. Of these 50 percent are foreign students, the balance are British students. They are normally 18-22 years of age from affluent families.
The firm also highlighted that the accommodation for these students is predominantly provided by the “Bank of Mum and Dad” although some receive special grants from their respective countries. The wealthiest overseas students tend to prefer living in Mayfair, Knightsbridge, Marylebone and South Kensington, whilst others and British students tend to live in Notting Hill, Bayswater, Shepherds Bush and Kingston upon Thames.
Also revealed was that the most affluent international student clients are from China, Thailand, Russia, Malaysia and Nigeria. The top spenders can afford to pay £1,500 per week for an apartment in Knightsbridge or Mayfair. For example, on Old Brompton Road, just by the underground station, there is an apartment building extremely popular with affluent overseas students.
Other overseas students on E J Harris books are from France, Italy and Spain.
Elizabeth Harris, Managing Director of E J Harris, said: “There are more than 100,000 international students studying and living in London and their numbers are rising. University applications from overseas students are up by 18 percent since 2010, and up by 30 percent for the capital’s best universities.
“In our experience international students make for extremely good tenants, they are very studious and take their studies in London extremely seriously. As tenants they tend to be quiet, hard-working and tidy. Smoking tends to be the only common vice.”
A selection of some of the premium properties available for students in London.
