The incident occurred in a house on Amherst Road in Fallowfield, Manchester.
The students were partying to celebrate the end of their exams when the floor gave way.
According to the paramedics, it is a “miracle” no one was seriously injured.
As soon as the news spread, fire brigade rushed to the spot and evacuated everyone from the building.
A student who was at the party told Huffington Post that the scene was “pandemonium” as they found it hard to escape the newly-formed crater.