Flatsharing has become one of the most popular cost saving alternatives
According to the latest figures by education charity the Sutton Trust, the number of students planning on attending university has fallen to its lowest level in eight years.
Fourteen percent of students surveyed stated that it was unlikely that they would go on to higher education, double the number of respondents, when compared to the previous decade. The poll highlighted that many students are put off by tuition fees and student debt.
With debts of up to £57,000 and increasing student loan interest rates, students that do choose to go to university will be looking for ways to save money. Additional expenses such as text books, equipment and accommodation can add to spiralling costs. A report by the NUS found that the cost of purpose-built student accommodation rose by 23% between 2009-10 and the 2015-2016 academic year. This rapid increase in rents, coupled with expensive tuition fees, is driving students to look for cost saving alternatives, such as flatsharing.
Alejandro Artacho, CEO and Co-founder of property website Spotahome, commented: “Going to university used to be a milestone for students. However, the massive increase in costs, not only from tuition fees, but also from living expenses is driving more and more students to look for cost saving alternatives such as flatsharing. Since our launch in London, we have seen a marked increase in the number of people looking for shared accommodation.”
The cost of University student accommodation in London varies between £214 and £350 per week for a double room. In comparison, the average weekly rent for a room on Spotahome is £142.50. For students on a tight budget, the difference in price can be the deciding factor between going to university or not.
Alejandro continues: “University is challenging enough for students without the added concern of mounting debt. Unfortunately, for a number of students they are being forced to decide between remaining debt free or furthering their education. Flatsharing allows them to continue their education without further increasing their debts.”