Please Note: This Article is 4 years old. This increases the likelihood that some or all of it's content is now outdated.

An exodus of students from shared houses to purpose-built halls has sparked a £9 million sale of homes in a leading university city.

Landlords have put 40 houses in multiple occupation (HMOs) on the market in 17 Manchester streets.

The landlords have decided to quit the student shared house market in the face of competition from the halls.

The homes are for sale in three lots in the Withington, Fallowfield and Victoria Park neighbourhoods.

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Prospective purchasers can expect to pay between £2 million and £3.8 million for each portfolio.

Together, the HMOs offer 170 bedrooms for students attending Manchester’s higher education institutions.

Residents are cheering the sale – providing most of the homes are converted to family accommodation after years of protests and complaints about rubbish, noise and parking problems.

On one street, Manchester City Council took enforcement action against the owners for illegally extending the homes to provided extra accommodation without planning permission.

Sales particulars for one of the three lots, comprising 10 shared homes with 55 bedrooms selling for £3.1 million, details the potential rental income is £175,000 a year

Anne Tucker, a member of the Platt Lane and South Rusholme Residents Association, told the Manchester Evening News: “I think some landlords thought they could make a quick buck renting houses out to students but in our street two had to move tenants out because they were too damp to live in and a lot of them are getting very tatty.

“We would love more of the houses in our area rented out to families.

“The students themselves are lovely but the problem is in summer when they all leave and it’s like a ghost town.”

Councillor Nigel Murphy, executive member for housing and regeneration, said: “We believe the demand for purpose-built student accommodation is there and at the moment, the balance with supply is about right.

“The knock-on effect of that is less demand in traditional student areas. We want to encourage students to move into purpose-built accommodation to get a balance in neighbourhoods.”

Please Note: This Article is 4 years old. This increases the likelihood that some or all of it's content is now outdated.

2 COMMENTS

  1. This is a very common problem for property investors who provide student accommodation in Cardiff. Cardiff has seen a number of high profile purpose built student accommodation pop up over the last few years, resulting in worst maintained student houses standing vacant.

    However, we do provide Cardiff student landlords a solution; we can offer a guaranteed rental income for a period of up to 10 years on a full repair and maintenance lease. Guaranteeing landlords a monthly rental income on the same day of each month with no void periods.

  2. Interesting that students bring noise and parking problems but when they\’re on vacation it\’s \”like a ghost town\”. Make your mind up. Is there some other reason for objecting to HIMO\’s that hasn\’t been revealed?

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