Student accommodation costs an average of £75 a week - Halifax Reseach

   

23rd August 2008

New research for the Halifax Student Account shows that the average student now pays almost £75 a week for accommodation.  The study also revealed that spending on food was almost £40.

Figure 1.  On average, how much do you spend each week during term time on the following:

ITEM                                                    

AMOUNT (£)

 

 

Accommodation

£74.70

Food & Provisions

£32.20

Take Away food

£6.40

Total food spend

£38.60

Drinks in pubs and bars

£15.60

Take-out alcohol

£4.80

Total alcohol spend

£20.40

Transport

£14.20

Utility bills

£12.50

Leisure and social activities

£12.30

Materials, Books and equipment for your course

£9.40

Cigarettes

£1.70

Accommodation costs highest in the South West…

The Halifax research showed that the average weekly accommodation bill in the South West was in excess of £90, closely followed by the South east at almost £87 (see figure 2).  By comparison, students in West Midlands paid a more affordable £53.40.

Mike Regnier, Head of Banking at Halifax, said:

"Our research showed that for most students weekly living expenses can be upwards of £200 or more. 

"It's important for students to not only set a budget and stick to it but to also minimise the cost of any borrowing.  This may include keeping the cost of their overdraft to a minimum by selecting a bank account with a 0% overdraft offer."

The Halifax Student Current Account offers an overdraft of up to £3,000 interest-free.

Figure 2.  Average weekly accommodation cost during term time

REGION

AVERAGE WEEKLY ACCOMODATION COST (£)

South West

£90.30

South East

£86.60

Eastern

£82.60

North West

£79.80

London

£76.80

East Midlands

£72.00

Yorkshire & Humber

£71.20

North East

£68.80

Scotland

£65.90

Wales

£61.70

West Midlands

£53.40

Northern Ireland

£31.40

UK Average

£74.70

Notes about this Press Release.

Research was conducted by online market research company 'Opinionpanel Research' on behalf of Halifax. Opinionpanel’s Student Panel is the largest online market research panel of its kind in the UK with over 60,000 panelists.  The Survey took place in May 2008.

Source :Halifax/HBOS

SEE ALSO:

Student Rental advice and Student Insurance

NatWest Student Living Index 2008   

An Education In Home Insurance - Parents can insure their offspring’s possessions while at university with no extra cost - September 2008

One in four home insurance policies do not provide any cover for students living away from home - September 2008

Students' Insurance in need of Parental Revision - November 2007

See our Fact File for Students

See also - Tips for Tenants when renting a property

and Students' Insurance in need of Parental Revision - November 2007

See Also:

Homeowners set to have a smashing time during Wimbledon 2008 - June 2008

Research from Halifax Home Insurance reveals Gadgets graveyard: £2.6 billion of unused kitchen appliances - June 2008

Halifax home insurance issues advice to those at risk from Britains forecast weather - March 2008


 

 

 


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