Capital surprise as London tops list of UK most cost-effective university cities

• London is the most cost-effective city in which to study in the UK

• It is London students who earn the most from part-time work with an average income of £5000

• London students spend most on amusements, investing nearly £20 a week on buying or downloading films, music and computer games

• London students spend £205.25 per week on living costs and rent, counting on an average total income of £321.35 per week

NatWest has unveiled the Student Living Index – an annual report on university cost-of-living, now in its seventh year.

The research, which analyses weekly expenditure including rent and living costs against earnings from part-time work, reveals that London is this year’s most cost-effective university location in the UK, beating cities such as Birmingham, Manchester and Glasgow.

Hard-working and resourceful London students are earning, on average, a massive £5,024 per year – equating to a substantial £167.48 per week.  Perhaps as a result, the capital’s students are the keenest of all those surveyed on spending their hard earned cash on amusements, including music, computer games and films – although they do also spend the third highest amount on course materials and books.

Despite earning the most, students in London still rely on loans and grants, borrowing £230.44 in loans and receiving £123.16 in grants each week to supplement their weekly income.

The research, conducted among students in 25 university cities and towns in the UK, shows that the average London student spends £205.25 per week on living costs and rent, but manages to offset some of these costs through part-time work (with London students earning the most in the UK at an average £167.48 per week), parental contributions, bursaries and vacation work, totaling an average total income of £321.35 per week. 

NatWest Student Living Index University City League Table

The full table of university cities and towns ranked by NatWest’s Student Living Index, is as follows:

1. London (NE)  
2. Dundee (17)  
3. Manchester (5)  
4. Plymouth (13)  
5. Glasgow (3)  
6. Birmingham (11)  
7. Portsmouth (15)  
8. Cambridge (8)  
9. Oxford (9)  
10. Newcastle (16) 
11. Bristol (6)  
12. Sheffield (NE)  
13. Liverpool (2) 
14. Nottingham (19) 
15. Leeds (12)
16. Reading (4)
17. Edinburgh (10)
18. Cardiff (14)
19. Brighton (1)
20. Norwich (18)
21. Exeter (NE)
22. Southampton (NE)
23. Leicester (7)
24. Belfast (NE)
25. York (20)

 
Rankings according to the 2009 Student Living Index are indicated in brackets after the name of each university city or town.  ‘NE’ bracket denotes that this city or town is a ‘new entry’ in the research.

The table ranks the UK’s major university by plotting average student expenditure on living and housing costs against income from term time employment. 

Tom Adamson, Head of NatWest Student Banking, said: “The results from this year’s NatWest Student Living Index clearly show that enterprising and pragmatic students are turning to other sources other than mum and dad to fund themselves through university. By being resourceful and willing to take on part-time work, London’s students are able to bring in the most extra money from this avenue and really make an impact in offsetting their weekly expenditure. Taking these pro-active steps is enabling them to continue to enjoy university life whilst learning how best to manage their finances.”

Oliver Levy, undergraduate at Brunel University, said “I am really surprised that London is the most cost-effective city but as I am a student here it is good to hear. Like many London students, I work during term time as well as over the summer to bring in some extra cash, and this, coupled with keeping a close eye on my finances, helps me to enjoy a good lifestyle.”                        
                                                        
The NatWest Student Living Index is the only survey of its kind and is cited by students and universities alike as a useful tool in planning for higher education.