New data has revealed Middlesbrough to be the cheapest place in the UK to earn a degree, with an average monthly student expenditure of £758.58.

London is predictably the most-expensive location, with students spending, on average, £1,542.44 a month.

And this data, revealed by fee-free mortgage broker, L&C Mortgages, will undoubtedly drive property investment decisions by investors, developers, and education providers.

The report calculated the cheapest places for students to earn a degree, determined by the average student expenditure in each area.

The research examined the monthly average cost of rent – both inside and outside the city centre – alongside other student expenses, such as gas and electricity, groceries, and transport costs.

These expenses were combined to identify the student towns and cities that would incur the lowest costs for the average student to live and study in.

Middlesbrough was identified as the most-affordable place for students to live, with an average monthly expenditure of £758.58.

Located in the North East, it had a monthly average rent cost of £286.81 for students, based on the average price of a one-bedroom residence.

In second place was Sunderland, which had a monthly expenditure of £775.77 for students and a monthly average rent expense of £304.63.

Hull followed in third, with a monthly expenditure of £782.82 and an average student rent price of £271.92.

In fourth position was Carmarthen, which had an average monthly expenditure of £786.69 and an average rent price of £267.63, while Pontypridd rounded out the top five, with a monthly student expenditure of £800.69 and an average rent of £282.05.

Other towns and cities within the top 10 most-affordable places for students were Bangor (£802.27), Bradford (£805.54), Wrexham (£808.71), Huddersfield (£809.94), and Preston (£848.24).

The top 10 most-affordable student towns and cities in the UK

At the other end of the spectrum, London was identified as the most-expensive city for students, with a monthly student expenditure of £1,542.44 and an average rent price of £1,006.75.

Brighton was deemed the second-most-expensive place, with the seaside resort recording a monthly student expenditure of £1,410.33 and an average student rent price of £764.

The third most-expensive student area was Oxford.

The historic student city had a monthly student expenditure of £1,291.13 and reported an average rent price £775.81.

Bristol followed as the fourth most-expensive area for students, with a monthly student expenditure of £1,286.31 and an average £733.81 rental cost.

Rounding out the top five most-expensive towns and cities for students was Guildford, with the Surrey town averaging a monthly student expenditure of £1,271.15 and an average rent price of £705.90.

Other towns and cities within the top 10 most expensive places for students to live include Buckingham (£1,257.03), High Wycombe (£1,250.22), Cambridge (£1,246.50), Reading (£1,227.43), and Edinburgh (£1,217.68).

The 10 most-expensive student towns and cities in the UK

Commenting on the findings, a spokesperson for L&C Mortgages said: “Choosing which universities to apply for is always a huge decision, and the town or city that a university is in will certainly inform someone’s choice.

“Not only does location greatly affect a student’s experience, but it also influences how comfortably and affordably they are able to live in their new home.

“As the data shows, towns and cities in the North of England and in Wales tend to be on the more affordable side.

“By contrast, places in London and the South East of England tend to be more expensive.

“While this study does reinforce the North-South divide, there are some places that don’t follow the pattern – Manchester is the most-expensive city for students in the North, ranking as the 46th most affordable.

“Of course, there are more things to consider than affordability when selecting a university and rent prices can vary according to many factors, such as the number of bedrooms – so if you plan to attend university in one of the more -xpensive towns or cities, don’t be disheartened, as there may be cheaper options to consider.

“Ultimately, the choice of university will often hinge on the course and entry requirements.

“However, the cost of study is significant, and location can play a big part in that, so researching respective costs for different locations could help in the decision making.”