Fixed rate mortgages provider Lloyds TSB says students boosting demand for property

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Fixed rate mortgages provider Lloyds TSB says students boosting demand for property

Fixed rate mortgages provider Lloyds TSB has revealed that students are helping to boost the housing markets in many British cities.

According to the group, house price inflation in nearly two-thirds of university towns has outpaced the regional average since 2005.

Winchester, for instance, has seen a 30 per cent increase in property values during the last five years, while the south-east as a whole has seen prices go up by just 2.5 per cent.

Similarly, house price inflation in Aberdeen came to 40 per cent throughout this period.

This coincided with a 54 per cent rise in the size of its student population, and a relatively modest 14 per cent increase in property values across Scotland as a whole.

Nitesh Patel, housing economist at Lloyds TSB, commented: "Growing student numbers have had a big impact in boosting house prices in some university towns."

However, this trend was not found in every city with a university, as Birmingham has seen a three per cent drop in house prices since 2005, despite a 66 per cent rise in student numbers during this time.

This comes after Family Investments calculated that the cost of being a student has gone up by more than three-quarters since 2004.

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