The 107,000 international students studying in London contribute some €823 mln (£600 mln) in rental income to the capital’s rental market, with the wealthiest Chinese, Russian and Malaysian students typically spending up to €2,058 (£1,500) per week to live in plush addresses in Mayfair, Knightsbridge and South Kensington. These are some of the findings of a detailed review of the impact of foreign students in London’s private rental market by leading lettings specialist E J Harris.
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 €1.82 bln (£1.32 bln) on tuition fees; €1.87 bln (£1.36 bln) on accommodation and subsistence (€823 mln (£600 mln) on private lets or halls of residence costs) and €166 mln (£121 mln) 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% of all foreign students in the capital), followed by students from the USA (9%), India (7%), Hong Kong (5%), Malaysia (4%) and Nigeria (4%). Other significant foreign student nationalities are people from Saudi Arabia, Singapore, Pakistan and Canada.
Elizabeth Harris, Managing Director of E J Harris said: “There are over 100,000 international students studying and living in London and their numbers are rising. University applications from overseas students are up by 18% since 2010, and up by 30% 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.”
Source: E J Harris
