Foreign Student Paying £21,000 Per Month for London Flat
An American fashion student has signed up to rent a flat that costs £21,000 per month, possibly the most expensive student property in London.
The student will pay £5,250 a week for the three-bedroom apartment in Mayfair. The luxury block is being marketed at wealthy foreign students.
A recent study found that there are 67,500 international students attending London universities and they spend £1.36 billion a year on living expenses. In recent years, the luxury accommodation market has been growing, designed to attract the wealthiest overseas students, whose parents often pay a year’s rent upfront.
The nine-storey Fountain House development’s six flats feature stone-floored bathrooms, a 24-hour concierge service and the local grocery shops are Waitrose and Marks & Spencer.
The three-bed apartment is spread over three floors, which are connected by a bespoke glass central staircase.
Estate agent Peter Wetherell is marketing the development, expecting them all to be let for the new academic year. The agency has sent details of the homes to its database of overseas students, and so far, 80% of inquiries have come from abroad.
It says the area is attractive to students from the Middle East, the USA, Asia and Africa, who can afford to pay over £2,000 a week for accommodation while studying at the London College of Fashion, the University of Westminster and the London School of Economics.
Wetherell says the flats are “perfect for a wealthy student wanting a London home”. Adding: “This is part of Mayfair’s residential revival; these properties are reverting back after decades of use as offices.”1
Recently, the National Union of Students (NUS) reported a crisis in university accommodation, with rents rising by a quarter in just three years.
Private providers of student halls are moving into luxury accommodation, targeting overseas students.
1 http://www.theguardian.com/money/2015/sep/28/21000-a-month-student-flat-fountain-house-london