Wealthy foreign students are paying three-times the average Briton's salary to rent out luxury flats in desirable London locations such as Mayfair, Knightsbridge and South Kensington, a new report claims.
London receives around 107,000 international students each year, who pay a total of £600m in rent, according to the study by lettings agent E J Harris, which claims that 20 per cent of its inner city clients are students.
The richest of these – typically Chinese, Russian and Malaysian – spend up to £1,500 a week – equivalent to £72,000 a year. The average salary in the UK is £26,500.
In total, international students are spending £1.32bn on tuition fees; £1.36bn on accommodation and subsistence (which includes the £600m rental costs) and £121m through friends and family visiting them in London whilst they study.
E J Harris said this was – unsurprisingly – being funded by "the bank of mum and dad".
China makes up the biggest single nationality studying in London – 18 per cent of all foreign students in the capital. This is followed by students from the US (nine per cent), India (seven per cent), Hong Kong (five per cent) and Malaysia (four per cent).
A typical foreign student will spend £500-600 a week on rent.