Wealthy int’l parents buy up luxury UK homes
Wealthy international parents purchased around £2 billion worth of London property in the past year, in order to secure accommodation for their children attending private schools and universities in the British capital.
According to an analysis by estate agent Knight Frank and education specialists Keystone Tutors, based on surveys of more than 130 education consultants, head teachers, heads of admissions, private client advisers and relocation agents, the most popular age for wealthy parents to send their children to study in the UK is 16.
“Many of these parents are looking at a longer-term commitment as opposed to a short-term investment”
The analysis found that the greatest motivation for families sending their children to school in the UK is the ability of prestigious British public schools to cater to the entry requirements of top universities in the UK and the US.
“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,” Knight Frank’s head of research, Liam Bailey.
“Given the potential 10-year span of education for children that come over as young as 11 or 13, many of these parents are looking at a longer-term commitment as opposed to a short-term investment,” he explained.
Quality of education is a motivation cited by 87% of respondents, with future job prospects, cited by 67%.
Improving their children’s chances of securing a place at top UK universities is a factor for 62% of respondents.
Besides the UK, the most popular choices of countries to send children to for school were the US (68%), Canada (29%), and EU countries (29%).
For university options, the US lead with 86% of respondents confirming it as a preference, followed by the UK, with Canada next (35 %), the rest of the EU (35%) and Australia (20%).