Chinese student, 18, lives in US$6.5 million London flat. How parents like hers are fuelling a property boom

Wealthy parents from outside the UK bought about £2 billion (US$2.6 billion) of property in London over the past year in order to get their children into private schools and universities in the capital, according to a high-end estate agent.

Knight Frank said such foreign buyers snapped up 2,162 properties valued at a combined £2 billion in the year to the end of May, up from £1.65 billion in the previous year.

Liam Bailey, Knight Frank’s head of research, said the properties – which had an average value of £925,000 – were bought to be used as a base while the owners’ children were at schools such as Eton, Westminster and Harrow, or universities in or near the capital.

“Our analysis shows just how important the standard of top London schools is to wealthy international individuals, and the demand this contributes to the London property market,” Bailey 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.

“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.”