Students from overseas made up approximately 75% of applicants in Prime Central London (PCL) over the past few months, according to Pastor Real Estate.
With healthy budgets ranging from £1,000 to £2,000 per week, many foreign students are travelling from all over the globe, seeking out modern, newly refurbished apartments in ‘safe’ areas with good local amenities and close to public transport.
New build one-bedroom apartments in PCL have an average price range of £800 to £1,000 per week, while two-bedroom apartments can cost between £2,000 to £2,5000.
Susan Cohen, head of lettings at Mayfair-based agency, Pastor Real Estate, commented: “Many of our student applicants are studying at London’s best business schools and universities and a surprising number of them have adequate funds for top of the range properties. Their budgets bring a whole meaning to the term ‘student digs’.”
Overseas students are often making an upfront payment for the full length of a 12-month lease, according to the high-end agency.
While demand from wealthy overseas remains high, Cohen also reported signs of large companies returning to the market despite a period of a decrease in demand.
She explained: “We have seen European corporates from France, Italy, Germany and the Scandinavian countries showing confidence in our economy; underpinning the fact that London remains at the hub of worldwide business.”