House prices soar in studentville
University towns across the UK saw house prices rocket by an average £38,666 in the time in takes to complete a degree, according to Halifax.
The lender said this represents a 22.5% property price rise over three years, which is over £1,000 every month.
It found that across 65 university towns, the average house price has grown from £172,179 to £210,845 in three years – and some towns have seen prices soar even higher.
The largest price growth was recorded in Guildford, home to the University of Surrey, where house prices shot up by £105,362 to £511,673 – which also makes it the most expensive university town in the UK.
This is nearly two and a half times higher than the average for all universities. The next most expensive is Winchester with an average house price of £458,228, followed up by Uxbridge where Brunel University is located, (£441,273), Oxford (£424,258) and Cambridge (£397,170).
The least expensive student town is Paisley which has the University of the West of Scotland with an average price of £122,681 – about quarter of average price in Guildford. Others include Bradford (£127,643), Hull (£134,938), Sunderland (£138,548) and Middlesbrough (£142,412).
Russell Galley, managing director of Halifax Community Bank, said: “While it is well documented that the student housing market can be lucrative for private landlords receiving monthly rental incomes, this research also indicates the potential earnings from bricks and mortar alone.
“Over the last three years, parents who bought a property for their child to live in while undertaking their studies, could have seen an average gain of 22% on the value of the property. They may also have benefitted from rental income from housemates or flat-sharers.”