03 Oct 2017

Housing prices soar in University towns

Housing prices soar in University towns

University towns across the UK have recorded an increase in average house prices of 22.5% in the last three years.

The Halifax has found that, across 65 university towns, the average house price grew from £172,179 to £210,845 – a jump of £38,666, equivalent to a rise of £1,074 per month.

The top 10 university towns with the largest price growth are all located in southern England. 

The largest price growth was in Guildford, which increased in value by £105,362 during the three years, and also doubles up as the most expensive university town, with an average house price of £511,673. 

The next most expensive is Winchester with an average house price of £458,228, followed by Uxbridge with £441,273, Oxford £424,258 and Cambridge £397,170.

The greatest percentage increase is in Bedfordshire, where house prices increased by 42% from £200,086 to £284,707 in the last three years. This is followed by Coventry, where the average price has grown from £154,573 to £207,974 – a rise of 35%. 

The least expensive student town is Paisley which has an average price of £122,681. Dundee also makes it onto this least-expensive list with an average house price of £151,987.

Potential earnings

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 benefited from rental income from housemates or flat-sharers.”  

Over the last five years, the growth in house price value has been even more significant, averaging £57,883 (38%) across the 65 university towns and peaking as high as £169,038 or 74% in Hatfield, where the average house price is £394,487. 

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