Property prices in UK university towns are growing at a significantly faster rate than the rest of the country, a new study by the Halifax Estate Agents has found.

In comparison to the UK average gain of 11 per cent recorded over the 12 months leading up to June, the average cost of a home in Belfast, which boasts Queen's University, grew by 47 per cent.

In addition, seven university towns experienced house price growth of at least 50 per cent over the past three years, more than double the national average, again with the Ulster capital leading the field with prices almost doubling over the period.

Commenting on the findings, Halifax's Colin Kemp, said: "University towns are popular choices for home movers because they usually have a wide range of local facilities, while investors have been attracted by the steady increase in university populations.

"The best ranked university towns, including Oxford and Cambridge, tend to trade at a premium to surrounding towns."

However, the study also revealed that there remain some bargains to be had, with the average home in Nottingham costing £155,072 while in Lancaster the cost currently stands at £155,668.