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Universities Linked To Rise In House Prices

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Success of Sussex universities linked to rise in house prices

3:02pm Sunday 30th August 2009

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By Emily-Ann Elliott »

Soaring house prices in Brighton and Hove over the last ten years have been linked to the success of its two universities.

Average house values in the city have rocketed by 197% according to Lloyds TSB.

Growth in the number of university places for students and the economic benefits brought by universities has been attributed to the boost in local housing markets.

The research discovered that property prices in 57 of the 62 towns it looked at, which excluded central London, had at least doubled during the ten years.

Nitesh Patel, housing economist at Lloyds TSB, said: “In the past decade, 90% of the UK's university towns have seen house prices at least double.

“The number of full time students has increased by a quarter to 1.48 million in 2008 over this period, boosting the demand for property.

“With student numbers set to increase further over the next few years, there will be further pressure to increase student accommodation.

“This has already led to the increased development of purpose built student housing, which should take some of the weight off the local housing market.â€

With two popular universities, Brighton and Sussex, the city has always been popular with students.

Earlier this year a panel of three councillors from Brighton and Hove City Council was set up to investigate some of the issues caused by studentification in some areas of the city.

Councillor Tony Janio, a ward councillor for Hangleton and Knoll, was on the panel.

He said: “There are a lot of factors which make Brighton an attractive city. Many people from London move here and it is popular with families too.

“One thing that the studentification panel showed us was that you do end up with quite a few homes in very specific areas being bought for student accommodation.â€

He added that many students like the city so much that they choose not to leave it after their studies are completed.

Other university cities which have seen a large rise in house prices include Bath, Exeter and Cambridge.

Newport and Hull are the most affordable university towns in which to buy a property, according to the research.

But despite the boost house prices receive from being in the vicinity of a university, affordability has increased in all university towns as a result of the housing market downturn.

http://www.theargus.co.uk/news/4572508.Suc...n_house_prices/

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Young married couples were being forced out of the Cambridge market by 1995!

Many friends were having to look for 'affordable' houses 25 miles away in Huntingdon/Ely areas & commute!

Mr Patel? - only 14yrs 'behind' the times on the Cambridge market!

Edited by erranta

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