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Students still snapping up their own digs despite property slump

25 October 2007
Despite the housing crisis after the past few months of financial turmoil, students are still keen to get on the property ladder, according to the latest research from Abbey Mortgages.

Currently 88,000 of students and parents already own their own homes and a further 14 per cent of the student population plans to purchase a property in their university town, despite warnings of a house price cool.

The findings revealed that 66,000 students are aiming to invest in a house during their studies, while a further 44,000 have parents who are thinking about it. And for those who cannot afford a place on their own, another 44,000 are thinking about pitching in with friends to buy a place together.

Of the 88,000 who already live in their own homes, 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.”

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