12 Of The Cheapest Towns And Cities To Rent In The UK
The cost of living is an important consideration for any prospective MBA or postgraduate student. London is notoriously the most expensive place to live and rent in the UK but prices can vary across the rest of the country too.
House prices and rental values have increased further during the pandemic and this has put extra pressure on many postgraduate students who are already stretched financially.
Before applying to university, it is sensible to find out how much you might expect to pay for accommodation and how this compares to other towns or cities.
A recent study found that the difference in price for renting a room in private accommodation in some of the UK’s cheapest towns and cities can be up to £300 a month less than in London. This is equivalent to saving £3,600 a year.
The analysis showed that of the 50 biggest towns and cities in the UK, there were only 12 where the average cost to rent a room was less than £400 a month.
The 12 towns and cities with the lowest average rent were:
Middlesbrough – £349
•Sunderland – £350
•Bradford – £364
•Huddersfield – £365
•Belfast – £377
•Stoke-on-Trent – £384
•Hull – £390
•Wolverhampton – £390
•Aberdeen – £395
•Liverpool – £395
•Blackpool – £397
•Newcastle Upon Tyne – £397
After London, the towns and cities with the highest average rents were:
•Oxford – £602
•Brighton – £593
•Cambridge – £584
•Bristol – £548
•Slough – £549
•Reading – £541
•Edinburgh – £540
•York – £539
•Milton Keynes – £524
•Southend-on-Sea – £523
•Poole – £512
•Bournemouth – £508
On average, house prices and rents are higher in London, the South East and parts of the South West, than they are in the north of England. If you’re choosing to study in one of these areas, it’s likely that your rent will make up a larger share of your outgoings.
The funding students receive from a Postgraduate Master’s Loan can help with course fees and living costs such as accommodation. However, unless you’re studying in London, you will receive a flat fee of £11,570, so the amount you have left after paying for accommodation will vary depending on where you’re living.
The good thing is that in every university town or city, there are usually plenty of options designed to cater to different budgets.
The best first point of call once you’ve had an offer accepted is the university itself as they will be able to run through the different options available. There are also plenty of handy apps and websites available to help students find the best place to live. At Lendwise, we offer postgraduate loans aimed at helping fund your degree and bills.
Ultimately, every individual’s situation varies and therefore it’s important to make the right decision for you.
If you’re interested in hearing from one of our borrowers about his master’s experience and the decision to give up full-time work to return to university then follow this link.