Top university towns see £30K house price boost in three years
Average house prices in the UK’s top 50 university towns and cities have risen by £28,725 since 2015, according Housesimple.com.
The online estate agent found that, in more than half of these towns, average house price rises since 2015 would have funded the entire £27,250 cost of tuition for a three-year degree course.
The research also revealed that property prices in Coventry, which has the 13th ranked university in the country, have increased by 61% between June 2015 and June 2018, according to Land Registry figures. An average property in Coventry would have set parents back £114,625 in 2015, and today would be worth £184,690. That’s an increase of £70,065 in three years which would have easily covered the £27,250 tuition fees for two children at Coventry University, with money left over.
In Manchester (34th ranked university in the UK), the current average property price is £174,044, up 26.7% or £36,626, since 2015. Essex, Bristol and Kent have all seen average house prices increase more than £53,000 since 2015, which is twice the cost of funding a three-year degree.
Cambridge (£37,594 price increase) and Oxford (£28,028), the top two ranked universities in the UK, have both seen average property prices since 2015 rise more than the £27,250 cost of a three-year degree.
Sam Mitchell, CEO of Housesimple.com, said: “If you are in a position to buy a second home, purchasing a property in the town or city where your child is studying could provide a possible solution and give your offspring a debt-free start in life after university. By investing in a second home, the increase in capital value alone could cover the cost of tuition fees.
“Of course, there’s no guarantee house prices will continue to rise at the rate they have in many of these cities since 2015, but this is one conceivable way to help cover the cost of higher education in the medium term.”