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International students add £600 million to London’s private rented sector
The 107,000 international students studying in London contribute some £600 million in rental income to the capital’s rental market, new research has found. The wealthiest Chinese, Russian and Malaysian students typically spend up to £1,500 per week to live in plush addresses in Mayfair, Knightsbridge and South Kensington, says the report from private rental market lettings firm E J Harris. Using data from their own client instructions over the last three years and drawing on figures from the Government’s Higher Education Statistics Agency (HESA), the firm analysed the number and country of origin of foreign students in the capital, where they choose to live, the type of properties they let and how much they spend in the private rental sector. There are some 107,000 international students studying in London, 40,000 from continental Europe and 67,000 from the rest of the world. Overall they spend £1.32 billion on tuition fees, some £1.36 billion on accommodation and subsistence of which £600 million goes on private lets or halls of residence costs and £121 million through friends and family visiting them in London whilst they study. By country of origin, the largest group of international students studying and living in London come from China who make up 18% of all foreign students in the capital, followed by students from the USA at 9%, India 7%, Hong Kong 5%, Malaysia 4% and Nigeria 4%. Other significant foreign student nationalities are people from Saudi Arabia, Singapore, Pakistan and Canada. On an annual basis some 20% of the firm's clients in inner London are students. Of these 50% are foreign students, the balance are British students. They are normally 18 to 22 years of age from affluent families. The report suggest that the accommodation for these students is predominantly provided by the bank of mum and dad although some receive special grants from their respective countries. The wealthiest overseas students tend to prefer living in Mayfair, Knightsbridge, Marylebone and South Kensington, whilst others and British students tend to live in Notting Hill, Bayswater, Shepherds Bush and Kingston Upon Thames. The most affluent international student clients are from China, Thailand, Russia, Malaysia and Nigeria. The top spenders can afford to pay £1,500 per week for an apartment in Knightsbridge or Mayfair. For example, on Old Brompton Road, just by the underground station, there is an apartment building extremely popular with affluent overseas students. However, the majority of overseas students typically pay £500 to £600 per week for a two bedroom apartment in Notting Hill, South Kensington, Shepherds Bush or Bayswater. In Shepherds Bush the Sinclair Mansions apartment building is very popular with students and whenever a flat becomes available there are up to 500 enquiries from students from around the world wanting to secure the let. 'There are over 100,000 international students studying and living in London and their numbers are rising. University applications from overseas students are… Continue reading
Changes for rental properties lettings in New Zealand announced
Changes in New Zealand mean that every rental property must reach specified insulation standards by July 2019 and have smoke alarms fitted. Housing minister Nick Smith has announced new rental regulations which all landlords must meet. Only properties where it is physically impractical to fit insulation will be exempt. The smoke alarms will become obligatory in July of next year but tenants will be responsible for replacing batteries and informing landlords of any defects that prevent the alarms from working. Smith also outlined new powers to prosecute landlords for breaking tenancy regulations, particularly where there is risk to the health and safety of tenants and the rules will allow tenants to take concerns to the Tenancy Tribunal without fear of retaliatory evictions. Under proposed changes to the Residential Tenancies Act, landlords will need to make sure their rental properties have ceiling and underfloor insulation that meets the new standard.The new requirements will apply from July 2016 for government subsidised social housing, and from July 2019 for all other rental properties, including boarding houses. The regulations will make landlords responsible for installing operational smoke alarms, with tenants responsible for replacing batteries and notifying landlords when there is a defect. This will come into effect from 1 July 2016. The proposed standards require a minimum of one working smoke alarm in a hall or similar area, within three meters of each bedroom door. Help will be available through the Warm Up New Zealand: Healthy Homes projects which provides free ceiling and underfloor insulation for low income households that are at high risk from illnesses linked to cold, damp housing. Funding for this programme is only guaranteed until June 2016. 'The Ministry of Business, Innovation and Employment will have new powers to investigate and prosecute landlords for breaking tenancy laws as part of these reforms, particularly where there is risk to the health and safety of tenants,' said Smith. 'The new standards are part of the Government's plan to ensure all tenants can live in safer, warmer and healthier homes. Insulated homes are easier to heat, and smoke alarms are proven to reduce the risk of death from fires by up to 50%,' he added. The regulations will also include a new 10 day process to enable landlords to 're-tenant' abandoned rental properties, where the tenant has no intention of returning. The current process can take up to six weeks, and often leaves landlords significantly out of pocket. Continue reading
Key commuter city sees prime property market perform best in UK
Winchester, a popular commuter city within reach of London has seen its prime property prices outperform the wider UK market, new research shows. Prices in the city, famous for its cathedral and history, increased by .4% between April and June, taking the annual change in prices in the city to 6.3%, according to data from international real estate firm Knight Frank. Such price growth means that Winchester has comfortably outperformed the wider UK prime market where values have risen by 0.9% on a quarterly basis and 2.3% on an annual basis. Winchester has also registered stronger price growth than other prime city markets including Bath, Bristol and Oxford. A shortage of prime properties for sale, combined with strong demand for homes in thriving town and city markets, has contributed to this out performance, according to the Knight Frank analysis report. It shows that the number of properties for sale in the city was 17% lower at the end of July than at the same point a year previously. In the prime market, the number of properties for sale valued at over £500,000 was 20% lower, a factor which, combined with strong demand, can put upwards pressure on prices, the report explains. Against this backdrop, demand for property in Winchester remains widespread.'As well as those moving up the ladder locally, the city remains popular with commuters both from the wider South East region and from London. Figures from the 2011 Census show that some 53% of people living in Winchester work outside of the city,' the report says. Buyers from the capital are also taking advantage of the price differential between property prices in London and elsewhere in the country. The report points out that while there has been sustained price growth in Winchester over the last year, changes to stamp duty announced in December have made buyers at the top end of the market more price conscious. This has resulted in slower than average price growth for the most expensive properties in the city since the introduction of the new rates. Meanwhile, in geographical terms, price growth has been fairly uniform across the city. Property values in Hyde and the city centre have risen by 3.2% and 3.1% respectively over the first six months of 2015, and by 6.9% and 6.8% over the past year. To the south and the east of the city centre in St Cross and St Giles Hill annual price growth of 5.7% and 6% respectively has been recorded. Overall, there were over 200 sales with a value of £500,000 or more in Winchester over the 12 months to June, 23% higher than the previous 12 months, according to data from the Land Registry. Continue reading
