Poor Students! Referencing problems as cost of living crisis bites

There’s been a significant drop in the number of students passing referencing.

It’s down from 50 to 40 per cent this autumn and is set to fall even further thanks to the cost of living crisis according to Housing Hand, a rent guarantee firm.

It says the surge in student applications has exacerbated existing accommodation shortfalls.

“Given the current economic pressures, a higher number of applicants are failing referencing and require a suitable guarantor to progress their rental arrangements” states Housing Hand’s chief operating officer Graham Hayward.

He says the number of UK students applying for rental guarantors nearly matches those from overseas - and amongst those foreign students there’s been a growing proportion from outside Europe thanks to Brexit.

“Many universities are seeking ways to support their students, particularly where a lack of supply in the local accommodation market may exclude many if they were required to pay full accommodation costs up front” says James Maguire, Housing Hand’s head of sales and business development.

“Additionally, universities are now seeking the inclusion of their own halls of residence in bespoke rental guarantor arrangements with Housing Hand to help level the playing field for those who would otherwise struggle to find an affordable home.”

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