Anon,
It depends on your course, but it's likely you will finish your exams before your accommodation contract ends.
In my first year, my accommodation contract was until July but my exams finished in May!
So even you do want to stay around uni for a bit longer, you might be able to do this without signing up for accommodation over the summer.
Also, a lot of people may go home over the summer so it might not be as great as it seems if most of your housemates have left.
You will also be adding to your expenses as you will still have to pay for food etc when you might be able to avoid paying for those things at home.
It might be an idea to pay for accommodation for term time and to see how you feel closer to the time. For example, you might find a new place for second year and want to move there for the summer or you might want to head home straight after exams.
Hope that helps,
Oluwatosin – 2nd year student – University of Huddersfield