Credit Crunch Hits Local Students

The credit crunch is now set to affect local students in Winchester, having been a running problem in the UK since Northern Rock announced they were receiving emergency help from the Treasury. Rented property prices have increased by a quarter in the past 18 months.

As nearly all students in the UK have to search for their own housing after the first year, many are now finding it difficult to pay the increased rent prices for their properties. Housing Companies that cater specifically for students, such as Lithend, could receive a positive impact due to students needing housing.

The company state they are a ‘family owned and family managed company dedicated to providing the best Student accommodation’, however must see a change through the past 18 months, with new students moving into their properties. A survey of several Year 2 students at the University revealed the rent has increased by £60 in the last year with Lithend. And whilst bills are included, that would only amount to around £15. The added extra cost proves that the credit crunch has had a clear impact on Student Housing Companies.

Lithend expressed their views – “The credit crunch is an important matter to us, as we understand students have the constant worry of finances. We do our best to insure a fair cost is asked from the tenants.”

The University also runs its own managed Housing scheme; students reported that rent has increased and Electric bills have to be paid separately this year. Rosemary Thorne, Housing Manager at the University, is yet to comment on the matter at this time.

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