British students will spend nearly £4billion on accommodation over the coming academic year, with the weekly rent that students pay expected to range from £58 (Lancaster) to £91 (London).

The relative cost of living in different towns is cited as a key factor in determining a choice of university by just 5 per cent of students. However, with the economy headed downwards, this is expected to increase.

To help students to evaluate the relative economic advantages of living in different university towns, NatWest produces a student living index, which ranks towns by plotting average student expenditure on living and housing costs against income from term-time employment.

The research, conducted in 26 UK university towns this year, shows that the average Plymouth student spends £217 per week on living and housing costs but manages to offset these costs in part, with impressive weekly earnings of £115 from part-time work.

At the other end of the scale, the average student in Exeter spends £294 per week but makes just £67 from term-time employment, one of the lowest amounts of all the university towns and cities surveyed.

The research indicates that the cities offering lowest weekly living costs (excluding rent) are York (£146) and Plymouth (£148), while London (£221) and Leicester (£220) have the highest.

In terms of average weekly housing costs, Oxford (£92) and London (£91) are the most expensive, compared with £58 in Lancaster and Belfast.

In five years since the index was launched, Leeds has only once been out of the top ten. Although the city has tumbled to seventh in this year's league table, perhaps due to the continued introduction of increasingly fashionable (and expensive) bars and shops, its past performances suggest it is a good bet for financially savvy students.

Separate research from the website accommodationforstudents.com, suggests that the average weekly student rent in the UK is now £61.64 - up 18 per cent in four years.

To help to offset these costs, the NatWest team reckons that British students collectively will earn £2 billion by taking on on term-time jobs. The highest average weekly income from term-time jobs is to be found in Brighton (£120). This contrasts with just £63 per week in Swansea.

Mark Worthington, the head of student banking at NatWest, says the key to balancing the books is for students to take the time to do a little planning.

“Drawing up a budget can take ten minutes but will help you to make the most of your money for the whole academic year.”

Natwest Student Living Index (last year's ranking)

Rank

1 Plymouth (*)

2 Cambridge (13)

3 Dundee (3)

4 Brighton (2)

5 Portsmouth (*)

6 Bristol (9)

7 Leeds (1)

8 Liverpool (5)

9 Belfast (19)

10 Aberdeen (18)

11 Newcastle (10)

12 Sheffield (11)

13 Glasgow (8)

14 London (4)

15 Nottingham (27)

16 Lancaster (25)

17 Cardiff (16)

18 Edinburgh (23)

19 York (21)

20 Leicester (6)

21 Oxford (24)

22 Birmingham (7)

23 Swansea (*)

24 Manchester (15)

25 Southampton (26)

26 Exeter (*)

* new entry this year

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