Students find the price is right for houses in Paisley

Study shows it’s the cheapest UK university town

If you are student and are well enough off to buy a house or flat, then Paisley is the cheapest place for property in all of Britain.

A new study from the Halifax Community Bank has shown that in the same time it takes to undertake the average degree course, university towns across the UK recorded an increase in average house price of £38,666.

But it has also revealed that of all the country’s university towns, Paisley is the cheapest place to buy property, with an average price of just £122,861 in 2017.

And the property prices in other student areas reveal just what a bargain Paisley is.

Across 65 university towns, the average house price has grown from £172,179 to £210,845 in three years – an increase of £38,666, equivalent to a rise of £1,074 per month or 22.5 per cent since 2014.

The top 10 university towns with the largest price growth are all located in southern England.

The biggest hike was in Guildford, home to the University of Surrey, which increased in value by £ 105,362 and also doubles up as the most expensive university town, with an average house price of £511,673.

This is nearly two and a half times higher than the average for all universities.

Russell Galley, managing director of Halifax Community Bank, said: “While it is well documented that the student housing market can be lucrative for private landlords receiving monthly rental incomes, this research also indicates the potential earnings from bricks and mortar alone.

“Over the last three years, parents who bought a property for their child to live in while undertaking their studies, could have seen an average gain of 22 per cent on the value of the property.

“They may also have benefitted from rental income from housemates or flatsharers.”

The next cheapest university town after Paisley is Bradford at an average property price of £127,643, followed by Hull at £134,938.