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:

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

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

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