Studies suggest that the prices of property in London are expected to go high just like the other parts in the United Kingdom because housing prices are not only a driver of the UK’s consumer economy but also a British national obsessions. I this respect, astudy of the property prices and factors affecting it particularly around learning institutions is very important since it forms the basis for future policy formulation. Tis is important in developing strategies to ensure adequate houses are provided in the future. Te following is a of why the price of housing around college and university is higher with specific reference to Fanshawe College and Western University.
Icreasing student population is one of the major factors that influence the value of property around Fanshawe College and Western University. Sudent population refers to the number of students enrolling in Fanshawe College and Western University yearly. Sudents’ enrolment is likely to affect the demand for housing around universities because they have to live within the proximity of the colleges in order to attend classes in universities. Astudy Western Mail (2010), fund that the enrolment rates as well as the availability of residential places within Fanshawe College and Western University Ontario London had a significant effect on the value of housing.
Te need for students’ off-campus residence is therefore an important factor influencing demand for real estate market. Te lack of enough residential houses for students within and around the universities has not only resulted into high prices but has also resulted into harmful impacts of the formation of student ghettos. Sudent ghetto refers to the concentration students living in certain areas near the university.
Sudent ghetto is often formed as a result of three major factors; seady growth in enrolment, lck of enough residence and the convenience and proximity to the university (Fleming, 2010). Acording to Belanger (2007), te higher number of post secondary institutions in London is a major component of demand for housing in property market. A stated by Sirmans et al (2006), mre than 50, 000 students are registered in Fanshawe College and Western University and the affiliate colleges. Tis study also that the number of vacant housing for first year students of Western university rose to 4900 as a result of construction of about 600 students residential in...
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