Empiric says students choosing luxury living over cramped digs

Debt-laden students are avoiding traditional dilapidated, party-animal-friendly digs in favour of luxury London accommodation, investor Empiric Student Property said today as it snapped up two high-end blocks.

Tim Attlee, Empiric’s chief investment officer, said: “Many students are shunning the stereotypical cramped and party-digs scene seen in TV shows like Fresh Meat and The Young Ones.

“People are paying some £9000 in tuition fees a year and those in London face significant student loans mounting up.

"They want to get their heads down and study and stay in premium accommodation, where everything is on site, including laundry rooms and a friendly person at the front desk.”

The firm has paid £10.6 million for a 70-bed block in West Hampstead, where rents are typically £240 per week and residents have an on-site gym, cinema and games room.

It has also bought Grosvenor Hall in Twickenham for £6.2 million.

Also it now has 221 beds in London and wants to increase this to 2500 over the next five years.

Traditionally the company has invested in other UK university cities such as Exeter, Leeds and Manchester.