HOUSING prices in Colchester have risen by an average of more than £55,000 in the past three years.

Online estate agents, Housesimple.com, researched property prices in the UK’s top university towns and cities.

Coventry is the top university city for house price growth, with average property prices rising from £114,625 to £184,690, since the latest graduates started their three-year degree courses in 2015.

Colchester is in third place, with prices rising from £211,799 to £267,124.

The estate agents say the difference is more than enough to cover the £27,250 tuition fees for a three-year degree course.

The University of Kent in Canterbury was the second-highest, with prices rising from £245,101 to £303,835 - a difference of £58,734.

Only the UK’s top 50 ranked universities, according to The Guardian, were considered for the research. Essex University in Wivenhoe is ranked 31st.

If parents had bought a second home - to rent to students or for their child to live in during their studies with friends - house price growth would have covered the entire £27,250 cost of tuition for a three-year degree course in most cities.

Sam Mitchell, chief executive of the online estate agents, said it may be wise for parents to buy a home close to the university.

Sam said: “The cost of a three-year degree at many universities is fast approaching £30,000, and that’s just to cover tuition fees.

“There’s also accommodation costs and general living expenses to think about.

“If you are in a position to buy a second home, purchasing a property in the town or city where your child is studying could provide a possible solution and give your offspring a debt-free start in life after university.

“By investing in a second home, the increase in capital value alone could cover the cost of tuition fees.

“Of course, there’s no guarantee house prices will continue to rise at the rate they have in many of these cities since 2015, but this is one conceivable way to help cover the cost of higher education in the medium term.”

Land Registry House Price Index data was used to carry out this research, comparing average house prices in June 2015 and June 2018.