Portsmouth property market is student dominated
Portsmouth is becoming a student town as more houses are being rented rather than sold.
The University of Portsmouth has seen a significant increase in student numbers over the past 10 years, resulting in a rise in demand for rented property.
It comes at a time when a new report by the Institute for Fiscal Studies shows that young people are struggling to buy homes.
Mathew Dalton of Leaders Waterside Properties said: “A lot of people bought up properties in Portsmouth for the purpose of renting them out to students.
“Demand is so high that houses for rent are normally off the market within 10 days.”
The university has built a range of new student accommodation in the city but despite this, students still want to live in a house.
“This has seen a 20% increase in prices over the last two to four years.”
Although there are a lot of people that still want to buy property in Portsmouth, there is a lack of choice.
“The average house price in this area is about £200,000,” said Matthew.
“First time buyers are now mid to late 20s. It is hard for young people to get on the property ladder.”
