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Overseas students boost London lets
By Juwai, 08 September 2012
A growing number of overseas students studying in London has boosted the demand of real estate in the area.
The population of foreign students studying in London has increased largely over the past few years. It is a common practice for parents to buy their children homes to live in while studying abroad so that they can avoid paying heavy taxes, and the home can double as a property investment.
However, London has recently implemented a 15% tax on residential property purchases in order to address tax evasion. This has thus led to many parents shying away from purchasing homes and instead renting apartments for their children.
With the increasing demand for rental properties, rentals in London have felt a pressure on prices, leading to increased rental prices.
Read more from this story on The Financial Times.