Russell Group university rents 27 per cent higher than the rest of the UK’s top institutions
The UK’s specialist student accommodation platform, UniHomes, has revealed how Russell Group (RG) universities have impacted the housing markets in which they are located, looking at the price of property, the cost of renting and the average rental yield available to buy-to-let landlords.
Professionally incorporated in 2007, the Russell Group represents 24 leading UK universities, all of which rank within the top 100 in the nation. They ensure each university can continue to deliver a top level of education through sustainable funding while promoting world leading UK research and innovation to change lives for the better.
Each university has a strong focus on its environmental impact, championing research into green technology while mitigating its environmental footprint.
Every year, an estimated 250,000 domestic and foreign students attend their universities, which are considered the Ivy League learning institutes of the UK, providing education from the very best minds and granting access to some of the best facilities available.
However, this high-end education does come at a cost. The research by UniHomes shows that the average cost of renting in postcodes home to one of these elite learning institutions is currently GBP296, 27 per cent higher than the other 76 universities that rank within the UK’s top 100.
The least affordable campus from a student rental perspective is the Imperial College London with an average weekly rent of GBP720. In contrast, the most expensive alternative is the University of Surrey where the average weekly rent totals GBP476, 34 per cent lower than Imperial College London.
In terms of the best level of rental affordability, it’s the University of Leeds with weekly rental costs averaging GBP160 per week. That said, this still comes in 78 per cent higher than the most affordable non-RG university, the Teesside University, where rental costs average GBP90 a week.
Not only is the cost of renting in and around an RG university higher but so is the actual price of property.
The Russell Group claims to generate GBP87 billion a year for the economy, supporting a quarter of a million jobs across the UK and this is clearly bringing a benefit to the housing market in their current locations.
With an average price of GBP479,410, house prices surrounding RG universities are 62 per cent higher than other top UK universities.
Of course, both are dominated by London in terms of the highest cost of buying and the Imperial College London again ranks as the most expensive university for the Russell Group, while the City University of London is the most expensive alternative institution.
With an average house price of just over GBP2m, Imperial College is 146 per cent more expensive than the average price of GBP818,245 surrounding the City University of London.