8.7 C
London
HomeSector InsightsBanking & FinanceMortgage Expert Reveals the Uk's Most Affordable University Towns

Mortgage Expert Reveals the Uk’s Most Affordable University Towns

Olivia McHugh
By Olivia McHugh

MAJORITY OF STUDENTS STRUGGLE TO PAY THEIR RENT EACH MONTH

  • 75% of student renters at the University of Aberdeen and Birmingham’s Newman University say they struggle to afford their accommodation
  • Despite students at Staffordshire University paying the least rent (on average £350 per month), almost three quarters find it difficult to pay
  • More than half of University of Sheffield student renters struggle with the cost of rent
  • Affordability is the third biggest priority for students looking for a home, after being close to university and security
  • Kellie Steed, Uswitch.com buy to let mortgage expert, comments on how students can save when moving into a new home.

 

Three in four (74%) university students struggle with their monthly rent repayments in the last year[1], as the UK’s cost of living crisis continues.

 

To support landlords who may have students struggling with their bills, Uswitch buy to let mortgage experts analysed costs across the country to find which students are paying the cheapest weekly rent, as well as how many were finding paying rent difficult, to calculate the most and least affordable universities in the country.

 

Note to editors: If you use any of the data within this release, we kindly ask that you provide a link to Uswitch.com’s buy to let mortgage page (https://www.uswitch.com/mortgages/buy-to-let/) as credit.

 

Most affordable universities

 

University City Region % of students struggling with rent[2] Average weekly rent (£)
The University of Sheffield Sheffield Yorkshire 58% £100
The University of Huddersfield Huddersfield Yorkshire 68% £81
The University of Nottingham  Nottingham Midlands 62% £113
The University of Leicester Leicestershire Midlands 66% £113
The University of Northampton Northampton Midlands 66% £113
Nottingham Trent University Nottingham Midlands 62% £116
The University of Surrey Guildford South East 68% £114
Harper Adams University Newport Wales 69% £98
Oxford Brookes University Oxford South East 68% £115
University of Derby Derby Midlands 66% £123

 

Universities in the Midlands are the most affordable locations for student renters. With five of the most affordable universities to rent in the UK, the Midlands is also home to the cheapest average weekly rent of just £80, at Staffordshire University.

 

Universities in Yorkshire and the South East of England follow in second place for affordability, while just one university outside of England, Harper Adams University, makes the most affordable list.

 

Renters in Sheffield struggle the least to meet their £100 a week average rent. Despite being the cheapest analysed, 72% students in Staffordshire say they have found paying their rent (£80 per week) difficult over the past 12 months.

 

Despite the challenges of rental payments, just one in ten (12%) university attendees select affordability as the first thing they consider in a property. Overall, affordability is only the third greatest priority (12%) for students searching for a new home, after proximity to their university (27%) and security (16%).

 

Least Affordable Universities

 

University City Region % of students struggling with rent[2] Average weekly rent (£)
The University of Greenwich London Greater London 78% £238
University of Cumbria Carlisle North West 80% £172
London School of Economics and Political Science London Greater London 78% £200
Edge Hill University Ormskirk North West 80% £166
Imperial College of Science, Technology and Medicine London Greater London 78% £190
The University of Cambridge Cambridge East of England 83% £156
Glasgow Caledonian University Glasgow Scotland 77% £196
University of Chester Chester North West 80% £164
The University of Edinburgh Edinburgh Scotland 76% £222
St Mary’s University, Twickenham Twickenham Greater London 78% £185

 

Greater London’s universities are the most expensive nationwide, with four of the least affordable universities in this region. Greater London is home to Greenwich University, the most expensive area analysed, at £238 per week: more than double the cost of rent for University of Sheffield students.

 

Three of the most expensive universities can be found in the North West. Four in five students attending universities in this region have difficulties paying for rent. Scotland is also home to two of the least affordable universities, with the University of Edinburgh leading as the most expensive university for rent in Scotland, and the second most expensive in Great Britain.

 

Uswitch.com buy to let mortgage expert, Kellie Steed, comments on how landlords can help their student tenants:

“As a student landlord, it’s likely that your property will offer the first ever renting experience that your tenants will have. Because of this, transparency, reliability and understanding are all important to giving your tenants the best experience in their new home.

  • Be clear with expectations: be upfront with all the rules you expect your tenants to follow, whether they’re about timing for rent payments or the condition your property should be kept in. You should also be transparent about what your tenants can expect from you, such as keeping their deposits in a protection scheme, and what maintenance you will provide for the property.
  • Be consistently reliable: if your tenant has questions, or needs anything from you, make sure to be responsive and clear about what you can and can’t do. They will likely have some uncertainties around a new home, so even when they come to you for something outside your responsibilities, remain courteous and guide them through the solution as best you can.
  • Be understanding: students are already likely to be tight on cash, especially during a cost of living crisis. If they do come to you with financial concerns, make sure to listen while communicating your own needs, to help come to a resolution which both parties can be happy with.
  • Suggest solutions: as well as potentially inexperienced as tenants, students may be unfamiliar with some methods of keeping other costs low. Explain how your tenants could potentially profit from taking up a student broadband deal, or if that switching energy providers could offer lower monthly payments. Savings can also come by utilising promotions through TOTUM cards, and double-checking that they are not paying council tax, as students are exempt.” 

 

“Uswitch can also reveal the most profitable ‘side hustles’ for students who have time to take up part-time employment. For tenants looking for remote work, tutors, voice-over artists and video editors have the highest average wage. If students would rather work in person, tutoring, life-guarding, or driving for a taxi service like Uber offer the highest average profits.”

 

Find out more in the full Uswitch.com buy-to-let mortgage statistics.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Share 0
Previous article
Mastering Legal Expenses: How to Afford Legal Charges
Next article
The Increase of the Pet Prenup: Lawyers Seeing Divorcees Turn To ‘Pet-Napping’

latest articles

explore more

90 COMMENTS

  1. While many of these games can be played with a younger audience, some may be a little too adult, so you might want to check before you start whipping these games out during your next family game night. If you’ve ever wondered what games are similar to Cards Against Humanity, then check out this list of the best and most outrageous adult-themed party games, and if you see one you’ve played in the past, vote it up. The game that rises to the top will be crowned the most outrageous of them all. Trial By Trolley is a game all about making difficult choices. Two teams try to convince the Train Conductor to run over the rival team’s track. Using your cards, you must try to make your track more appealing to spare and the other team’s more tempting to hit. To do so, you have three types of cards: Innocent, Guilty, and Modifier.
    https://rosalind.info/users/programminglang/
    Use PEGI (Pan-European Game Information) ratings and App store ratings to get an idea of what type of content the game will have and decide whether the game is age-appropriate. It’s important to note that these are just indicators so we’d advise finding out more about the game through a review or other parents before giving it to your child. The Pegi App is a great way to get a view of the game’s rating. Contact us To distinguish from electronic games, a video game is generally considered to require a platform, the hardware which contains computing elements, to process player interaction from some type of input device and displays the results to a video output display. If you can’t find the information you’re looking for in the Coronavirus (COVID-19) section, then for queries about:

  2. ✔ 777 Free Casino Fruit Machines Powering up new possibilities of play through one single API, we offer a multi-product portfolio of award-winning slots, live casino, bingo, virtual sports, sportsbook and more, available in all major regulated markets, languages and currencies. How to Download the Vegas Casino APKDownloading the Vegas Casino APK is a simple process. Just follow these steps: Promo codes are easy to use. During account registration, when making a deposit, the casino system prompts you to indicate in the appropriate field if you have a codes. new version is here! – New game- Bug fixedIt’s time to spin and win! Huuuge Casino – Slots, Poker, Blackjack, Roulette Here’s the latest and popular contents inside the club: How to get extra free coins for jackpot crush. Here is a hot tip that seems to ignored by everyone who play this game.
    https://www.jumpinsport.com/users/soundscalechve1987
    By using the Stake promo code STKGOAL, players can grab the 200% match deposit bonus up to ₹1,00,000. Here, we analyse the welcome bonus offer. For many years, even at top online casinos like Big Dollar, players had to make do with a relatively solitary experience. It was just you against the RNG software, and, as much of an improvement as that was over having to go to a land-based casino, it could become quite lonesome. But times have changed and so have we! Developments in modern technology means video streaming is now possible, and thus Live Dealer games were born. Big Dollar Casino is one of the top casinos that can help you earn big dollars, as the name implies. Is it a casino you might try out? Get to know about it here. Jupi Casino – SPINOLEAGUE Duration: 30.05.2024 – 28.08.2024. Prize Pool: €2,000 000 Spinomenal’s entire portfolio of slot games will participate in the Spinoleague, except for the games (Spinning…

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LawNews.co.uk provides the latest legal news and analysis from around the world

most viewed

useful links

Copyright © 2022 LawNews.co.uk