Tuesday, 1 September 2009

Moving into private halls?

Talking of decamping to expensive accommodation, the Guardian's Money section had an interesting column on the hugely increasing cost of halls of residence.

I only lived in halls for the last term of my third year - after three years of coping with nutters (most of whom are still my friends) in cold and filthy conditions, I needed somewhere quiet and dry to revise for my Finals. It was weird, OK, but basic, and it cost a rather pricy (for then) £28 per week.

Now some of you are moving into flats in town which look like the set of Friends, at huge expense. I hope it works out, but the amount of money required scares the hell out of me - around £5000+, piling on to your already enormous debts.

Where's the money going? As Collinson elucidates, Liberty Living is a financial vehicle which raised rents in its halls by 6.8% this year - inflation this year is MINUS 0.5% and rents are generally falling in the private sector. The couple who own the company recently bought a Swiss house for £26 million pounds. So they can afford it when your payment is a week or two late…