By Oscar Olesen, reporter

Students finishing a three-year degree could find themselves paying almost £34,000 more to live in their university town than when they started. A report by Halifax found that in 66 university towns and cities, the average property price has risen from £187,636 to £221,585 in three years.

According to the House Price Index, the average price increase in Kent has been even more severe, jumping from £233,666 to £290,274 in the three-year period. Of the university towns in Kent, Canterbury is the most expensive at an average of £312,162 per property.

Halifax managing director Russell Galley told Press Association that: “Given the demand for housing in student towns, and the potential of promising returns for private landlords, it is unsurprising that house prices in the majority of these areas compared to the county come with a premium.

“For both student buyers and renters, more affordable opportunities may be found outside of the town and this research highlights the benefits of searching wider than the university doorstep.”

Rising rent prices leave students nation-wide unable to pay landlords.

The change in the national average for all property prices in the UK is gradual in comparison to the change in Kent, rising from £195,313 to £224,144, a 14% increase compared to the 24% increase in Kent.

Today, the average house price in Kent is 29% higher than the national average, meaning that students coming out of university would be likely to find cheaper housing in the East Midlands, North East, North West, South West, West Midlands, and Yorkshire and the Humber, according to the UK House Pricing Index for May 2018. In London, the only area with an average cheaper than the Kent average is the Barking and Dagenham area, with an average price of £274,835.

An affordable alternative to other more expensive areas in Kent is Medway. We spoke to Megan Broad, a sales negotiator at the Mann Countrywide branch in Gillingham, who said: “Property prices in Gillingham and Chatham are normally between £190,000 and £170,000. They’re mass built and a little old, but they are cheaper compared to Rochester and Strood.

“I used to work in Chatham with my first job in the industry, so I’d recommend that students who are looking for their first property take a look at Medway, because it’s so close to London.”

On the other hand, property owners in the Kent area can expect a tidy profit of around £56,000 if they bought their houses three years ago, and approximately £94,000 since 2012. While the outlook for students looking to find housing is still quite grim, Halifax reported today that September is the second month in a row that housing prices across the UK have fallen. As of today, property values have dipped by 1.4% in September, followed by August’s decrease of 0.2%.

UK property price slump does little to quell housing crisis- though Medway bucks trend.

Howard Archer, chief economic adviser for EY Item Club, told Press Association: “The downside for house prices should be limited by the shortage of houses for sale. High and currently rising employment is also supportive for the housing market while mortgage interest rates are still at historically low levels.”

So despite the distinct general increase in house pricing across the UK, this might be the best time for former students in their first year of employment to find a property of their own.