Wealthy Russians and Chinese buy up high-end London property so they can be near their children at private schools
Wealthy foreigners have spent £2billion in the past year on high-end London property so they can be near their children at top private schools and universities.
Parents from overseas are buying up houses to use as a base to look for schools or to visit their sons and daughters during term time, a survey by estate agent Knight Frank found.
The families are mostly from Hong Kong, mainland China and Russia.
Parents from overseas are buying up London property to use as a base to look for schools or visit their sons and daughters during term time. Pictured is a 16 bedroom house in Chelsea
Respondents said their biggest motivations are quality of education, a school’s prestige and its ability to help children get a top job or attend a famous university.
After the UK, the US was the next most popular place for foreigners to send children to school. Canada and other EU countries came a distant joint third.
Liam Bailey, of Knight Frank, said: ‘The majority of overseas buyers appear unconcerned by the impact that Brexit may have on the UK as a place to educate their children and there have even been signs that it has become more attractive to some in the past 12 months.’