More than half of university towns have higher property prices than in the surrounding areas, it has been reported.

The average property in 55 per cent of towns with a university is worth £20,335 more when compared with the county average, according to Halifax.

Martin Ellis, chief economist at the bank, said: "The majority of the university towns we have surveyed have an average house price higher than the average for their county."

He added that while a good investment, the decision to buy a child a property while they are studying is dependent on personal circumstances, the price of property and the university town in question.

The lender found that property in Manchester, which has the largest student population in the UK, experienced a 63 per cent growth property values over the past year – higher than the 44 per cent national average.

In related news, lenders are withdrawing buy-to-let mortgage products from the market leaving landlords with very few options, according to the Guardian.

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