With thousands of students settling back in at university it seems many of them have already had enough of student digs. Abbey has found that 154,000 students – 14 per cent of the current student population – still hope to purchase a property in their university town, despite warnings of a house price cool. That’s on top of the 88,000 who already live in their own place at university.
A huge 66,000 of today’s students want to buy a place on their own, while a further 44,000 have parents who are thinking about it. Another 44,000 are thinking about clubbing together with friends to buy a property.
Of the 88,000 who already live in their own place, three-quarters of them have bought on their own or with friends, and one-quarter live in properties that their parents have bought for them to stay in.
Nici Audhlam Gardiner, head of mortgages at Abbey, commented: “Britain’s student population continues to be a source of income for buy-to-let property investors, many of whom are parents of the students or the students themselves.
“The key issue with any mortgage, but a buy-to-let one in particular, is affordability. People considering it need to make sure that they can afford the mortgage payments plus any maintenance costs, service charges and down-time between tenancies that they will also need to cover.”
