Students concerned about getting onto the property ladder after university
Students in Canterbury have aired concerns over their life after university and getting onto the property ladder.
With the price of living soaring ever higher, how are students going to be impacted and when will they be able to step onto the first housing rung?
In a set of polls, Canterbury students voted about getting onto the property ladder after university, and the findings show a strong sense of fear among the future graduates.
Are students worried about getting onto the property ladder?
It’s safe to say that the majority of students who voted in this poll are worried about getting onto the property ladder after university.
Seventy-nine per cent of respondents selected ‘yes’ when asked if they are worried about getting on the property ladder after graduating from university, and 21% said they are not worried.
The cost of living crisis is on everyone’s mind at the moment, and definitely students seeking somewhere to live after they leave university.
When asked if they are worried about the price increase when making the switch from student housing, a huge 81% voted yes and 19% said they are not worried about the expense.
The majority of respondents were worried about their future living situations and even being able to find somewhere to live.
The most common monthly rent for a property in Kent is £1,000 – £2,000pcm for a two or three bedroom house or flat with the average property costing £1,243 each month (not including bills).
While university housing is usually about the same monthly price, this is often for a four or five bedroom house which is therefore split between more people.
This generally makes monthly bills cheaper as a student as well as students not having to pay council tax (which has also risen by 3.5 per cent).
Eighty-five per cent of students said they were concerned about finding somewhere affordable after university, and 15% said they were not.
What is most significant about this data, is that everyone who took part in the poll voted that it is significantly more difficult to get onto the property ladder than previous years – this is most likely due to the cost of living crisis.
How are students going to try to make their bills cheaper?
According to RightMove the average house price in Canterbury is £331, 910, and this is perhaps why students voted they feel they would not be able to afford to buy a house until they reach their 40s.
When asked if they are going to make a conscious effort to reduce their spending when they get onto the property ladder, several students mentioned ideas they have to cut their costs.
They mentioned alternative money-saving options such as house-sharing with friends and family, as well as cutting down on food costs where they can.
It is safe to say that this data shows students in Canterbury are concerned about getting onto the property ladder after university and that the cost of living crisis is playing a huge role in this problem.