When a student packs their bags and sets off to university, they have a lot of costs to take on board, and accommodation is one of the big ones. Whilst the type of course and level of education are usually the main factors to consider when choosing where to study, it seems that housing cost should now also come into the equation.
New research has shown that the average student rent can vary by as much as £429 depending on where in the UK the property is located. Whilst, unsurprisingly, the most expensive property is found in London, the cheapest is actually in Stockton.
Halls of residence have long been the first port of call for many students; however, these are on average 90% more expensive than shared houses or flats. Students who settle in the north of England or Wales are slightly better off, and as the average cost of student accommodation is just £60 per week in London, a studio in private halls in London Zone 1 can average as much as £489 per week.
The average weekly rent for private student halls is £168.67 compared with £88.61 when renting from a private landlord. Nevertheless, the number of private halls continues to rise as students are attracted to the modern living environment and extra facilities such as gyms, parking, communal areas and storage.
Private halls also attract many international students as they easy to arrange online and offer a level of confidence when booking a property you have not seen.
Prices Across The UK
Whilst London is the most expensive place to rent student accommodation, prices can still vary across the city itself. The type of room and its location has a big impact on what can be charged, and as such, a studio in private halls can be £90 per week more than shared facilities. Zone 1 provides the perfect example of how prices can fluctuate, as they range from £120 to £489 per week.
For a cheaper option, students can head to Wales where £68 per week is the average price of student accommodation, which works out as being 55% lower than London prices and 26% below the national average.
The most expensive cities for student weekly rates can all be found in the south of England, with London properties costing £129, followed be £127 in Exeter, £125 in Wycombe, £121 in Guildford and £115 in Kingston. The most expensive private halls can also be found in London, followed by Kingston, Brighton, Bath and Cambridge.
The more affordable areas include a weekly rent of £60 in Stockton, £62 in Wolverhampton, £65 in Newport, £67 in Swansea and £69 in capital city Cardiff. The cheapest halls are mostly concentrated in the north of England, with Bolton, Wolverhampton, Middlesbrough, Bradford and Swansea offering the lowest prices.
Not every city has a flat rate of accommodation, with London, Sheffield and Cardiff having the widest range of prices available.
Despite the popularity of halls of residence, their hefty prices are now a big consideration for many students. The increased spread of prices at the low and high ends of the market is likely to be due to the introduction of luxury student property being juxtaposed with the more affordable traditional options.
This article was provided by Hopwood House, specialists in student property investments in the UK.