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
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
Halifax home insurance issues advice to those at risk from Britains forecast weather - March 2008
Looking for Insurance for Students? Click On logo 
Looking for Car Insurance for Students? Click on logo
Please note, all details on any of the Insurance industry Press Releases displayed on this site are provided by insurance companies, organisations, Government departments and media and jml Property Services does not take any responsibilty for their content or accuracy.