Sheffield, property near the university.(21 Posts)
We are thinking of buying a house for son and a couple of his mates for the duration of his university years. Financially it stacks up and we would break even (ish), so long as we get back from the house broadly what we paid for it, in a few years time. Is that a reasonable expectation?
The house he is currently renting is riddled with damp, has mushrooms growing out of the carpets and yesterday the toilet stopped flushing. They called a plumber and the plumber said there is a very serious drain problem. Nice eh?
How volatile are house prices in Sheffield? I'm a bit worried as I see from Zoopla that house prices may not have recovered after 2007, is this the case?
Banking on the asset retaining it's value in the short term is not a good idea - long story short, houses are still massively overpriced IMHO - and 2007 values were simply insane. However, in this case where you can provide your son and his friends with pleasant accommodation it may be an entirely sensible thing to do IF you keep it longer term as a student let and offer decent value.
I don't think I'd want to be a student landlord of a property so far away.
I would sell even at a loss.
When you say houses are massively overvaled, do you mean in Sheffield, or in general?
Houses in the areas around the University of Sheffield and Sheffield Hallam's Collegiate campus - S10 and S11 - generally retain their value. They are desirable areas and, being near the universities and hospitals, properties are in demand as rentals.
Apparently, houses in those areas (and southwest Sheffield generally) are selling at pre-2008 prices.
The market in these areas is pretty stable though it is easier to buy a house in the student areas than it used to be as there are a lot of luxury flats available now too.
LittleFrieda, I'm in the south east, so my bias is towards the south of England when I state things are overvalued in relation to incomes. It may be very different in Sheffield.
My perspective on your question depends on your primary goal - is it to save/make money or to help your son out? You may find it an awful lot less hassle if you're looking at a short term thing to just give him money to find a better existing rental. If that costs you £100-200 p/m more that it current does over the next 3 years, it may save a lot of time and money in the long run to just do that, rather than getting involved in purchasing, maintaining and selling a place for him.
The total cost of 3 years accommodation in a really good student let is going to be around 10-15 grand I would have thought. If you buy well, you'll probably manage to have the overall cost well under that for the 3 years, and may even make a profit even if the price of the place drops - but who knows? I like an easy life, so I'd probably just give him the extra to make life easier.
Having just had a look at 3-4 bed drops in and around S10, they are not what I would call cheap. They are a LOT cheaper than here, but still seem expensive to me.
1999-2001 prices are where I see things heading - but I am a huge property bear, so pretty much no-one agree's with me!
Posted on other thread too: Hunter's Bar, Broomhill, Broomhall, Crookes, Crookesmoor, Walkley.
Could also look at apartments though most are 2 bed rather than 3. West One now popular with students for example.
can relate OP
have just taken dd up to her student house in SHeffield..gross!
her bedroom has no mould..think the rest do though
she's in wilkinson street
Do any of the students have their own car? If so try areas like Rivelin, Stannington, where there are bigger and (some) newer properties - Eccelsall Road, Brincliffe Edge Road ( near Nether Edge hospital area) are lovely areas, and further up towards Lodge Moor along Fulwood area, more expensive but nice. Used to work at Hallamshire Hospital and for those doing 6/7 year medical courses, having their own flat/letting to friends was a cheaper way of managing accommodation for some. Not sure it would return after 3 years tho. IF some of your children have any problems with their accommodation let the Univ Student Accommodation office know asap if not arranged privately, they should not be letting substandard accommodation.
prices around the university seem to have remained pretty constant, depending on what your son and friends want house wise then £140 ish could get them a decent house is S10 this for example
Does your son share with mine OP?
Seriously, his student house in Sheffield - S10 - is dire. Dirty and full of hazards (imho), but the landlord gets away with it.
We thought about buying, but as DS would only be local for a relatively short period, decided against it, as we didn't want future hassle!
I lived in Wilkinson St in 1996/7. Number 11 was newly refurnished in those days but number 3(I think!) where my mates lived was hilarious. It made the house on "The Young Ones" look like a luxurious yuppie flat. Was a complete health hazard - but they survived, all part of the fun of growing up!
OP, your description of the house sounds like the one I lived in in Sheffield in the early 90s - could it be the same one ;-)?
For what its worth, I lived just off Ecclesall Road for most of my student days, very near to Collegiate Crescent. There was always a demand for student houses around there, and was generally seen as a "nice" student area. We were all sandwich course students meaning that we had the 3rd year out in industry but we paid a retainer to our landlord at the end of 2nd year to make sure we could have the same house again in the 4th year.
Good luck, apart from the house, your son will have a great time in Sheffield!
I think the prices of property in cities such as Sheffield will fall in the next few years as it is very dependent on public sector employment. It also had one of the highest increases in house prices during the property boom. There is a lot of student accomodation and lots of people piled into the buy to let market esp student houses and you will also have to think whether you will have as many students now considering the tripling in tuition fees. I would say the properties near Endcliffe Park, Eccelsall Rd and Crookes are the safest bets as the are also near the 3 teaching hospitals which would also attract workers from there. You also need to talk to our son about the responsibilities of being a landlord, getting rents paid, repairs done, meeting health and safety regulations etc.
ggirl Hahaha! She'll be fine! All my (male) mates survived and most of them now have kids and are now all sensible living in sensible houses! Things I remember about the house:
1. Leak down the wall on the right as you went in, covered in mould - the landlord just sent someone round to stick up some mis-matched wallpaper over it
2. There was a hole in the wall at the bottom of the stairs to the attic room where my friends rode their bikes into it
3. Most of the doorframes came away from the walls where people had kicked the doors in due to losing keys when drunk
4. The fire alarm system malfunctioned due to water ingress (see point 1) so they kept putting their hands in it and pulling bits out until it stopped
5. The sink in the bathroom on the 1st floor was blocked with polyfilla and so was unusable
6. Fake "clouds" were painted on the blue ceiling of the living room
7. The whole bannister comes apart with very little persuasion - a few bits of it got m=nicked at a party but where brought back and hastily reassembled
That place holds some great, great, precious memories for me, I have laughed more than I thought possible and made friends who are still dear to me today.
I really hopes she had the blast me and my mates did - don't worry about the hygiene, all part of the learning experience!
Tell her from me she picked the best house in Sheffield (...if those walls could speak....!)
hilarious..small world !
will tell her...the house has obviously been updated a bit since then...still quite grubby though...
I can remember my mum coming to my shared house yrs ago and refusing to sit on the couch cos it was ant-ridden
you've definitely got to be young to put up with it..I felt like my mum visiting dd
Havelock Street is a convenient road and quite decent enough. Round that area is not expensive either
House prices in SW Sheffield are bonkers, but around the University/Eccelsall Road/Collegiate Cresent/Broomhill (but not Broomhall) properties are very much sought after. This can cut both ways though, and you'll take a hit when buying. But think of it this way. If your DS rents, when he has finished his degree you'll have spent a few thousand pounds and have nothing to show for it.
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