High net-worth foreign investors are picking up prime properties in London which are situated near elite educational institutions and popular private schools. This is one factor that is keeping demand alive for prime real estate in London. Global parents from countries like Russia and China reportedly pumped in roughly £2 billion on prime real estate situated in close proximity to premier schools in London over the last year or so.
As per experts, foreign buyers prefer the high standards set by top schools in London for their wards and this is why they purchase property near these educational institutions. This is one of the biggest drivers of the property market in London at the moment as per several studies and reports. Prices of property in London have skyrocketed over several years, driven majorly by foreign investors and their appetite for luxury real estate. However, overall growth in prices has slowed down somewhat since Britain voted in its referendum back in 2016 to come out of the EU (European Union).
London still has a thriving economy and this is what attracts several global buyers to invest in property here. The luxury housing market in London has anyway been impacted over the years due to higher taxes and other constraints. However, this has not kept foreign buyers away. Rather, wealthy global parents are still buying property in London where their wards attend school/college. Education is one of the major drivers of the realty market in London and has been relatively unscathed from Brexit and its overall impact.
However, London’s luxury homes have become more affordable over the last 2-3 years as well with prices having come down by anywhere between 10-20% on an average. The weaker pound and lower property values may be drawing more global investors towards London real estate.
