Student influence on Southwark property
14th December 2018
The potential fall in foreign students following Brexit is 'likely to be causing estate agents sleepless nights' according to the Financial Times (14 December 2018). Research from London Economics warns of 'a potential 60 per cent drop in European students attending UK universities' after the UK leaves the EU.
However Southwark - a hotspot for students with 7,000 purpose-built student bedrooms, one of the highest tallies in London - is defying the odds, thanks to buyers from Asia acquiring properties for offspring attending University in London. That's helped keep sales - particularly of new build apartments with concierge service - stronger than the average in London, albeit volumes are down across the board.
Another factor, according to Middleton's Ashley Wilsdon is that prices are still fairly competitive, at between £1,100 and £1,200 per square foot, 'not much more than Fulham', though penthouses with river views attract closer to £1,500 per square foot.
Ashley also looked at the London Bridge area in detail back in April 2017, commenting on the wealth of cultural attractions, restaurants, bars and markets that give it such appeal for those studying or working in the City or central London.