London has seven universities in the world’s top 200 university rankings, which is more than any other city in the world. So it’s not surprising that thousands of students flock to this incredible city for academic purposes.
London has always been an exceptional city for students, and student accommodation in London is second to none.
From studios and bedsits to luxury halls of residence, London has all the accommodation needs for any academic year and keeps excelling with new and exciting student property projects on the drawing board.
But as many a student has found out, places are limited in halls, and there is high demand for all the best flats, houses and other accommodation.
London is home to more than 400,000 university students, of whom 100,000 are international students from over 200 different nations. That’s more international students studying in London than in any other city in the world.
Oversupply is a rare phenomenon in student housing in London, as the dramatic 20% increase in student numbers over the last ten years has left most higher education establishments short of accommodation to offer their students. It is a market which attracts investors and developers alike.
Developments of high-quality student accommodation are growing in number, but so are rents: an average student in London is paying 23% more than three years ago.
Not surprisingly, the NUS has expressed its concerns, saying that increasing prices and lack of choice need to be addressed to ensure that poorer students can access higher education. It is also concerned that the cost of student accommodation will affect university choice.
New projects like Savills’ student accommodation at the junction of Hampton Street and Steedman Street, London SE17, are highly beneficial, but we could almost guarantee that the rental prices are going to be high. However, they could have been far higher.
Approval follows many months of negotiations with the London Borough of Southwark. Savills successfully negotiated an affordable housing contribution down from a policy requirement of £8.7m to £500k.
Savills said the scheme will provide for much-needed ‘affordable’ student accommodation.
We can only wait and see what ‘affordable’ really means – but nevertheless, these units will certainly be snapped up by those students who can afford them.
In my opinion, it is essential to have a mix of accommodation in London – and the rest of the UK – that students of all budgets can afford.
Jaydee Louise Harris is PR and marketing executive for London2let.com. student accommodation in London
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