Students considering property purchase

Many students are planning to stay a step ahead by making their first move on the property ladder before they have even graduated, new research has revealed.

A study by Abbey Mortgages has found that 154,000 students plan to move into the housing market in their university town.

Of these, 66,000 of today’s students intend to buy property of their own and 44,000 are considering such an investment, while the same number (44,000) see joining up with friends to buy a home as the best option.

"Britain’s student population continues to be a source of income for buy-to-let property investors, many of whom are parents of the students or the students themselves," said Nici Audhlam Gardiner, Abbey’s head of mortgages.

She advised students thinking of making a property purchase to make sure that they can afford the mortgage payments plus any maintenance costs, service charges and down-time between tenancies that they will also need to cover.

Some 88,000 students currently live in a residence owned by themselves, according to Abbey.