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Telegraph: Parents buying apartments for undergraduates

26/06/2008

Parents of offspring that are planning to attend the University of Manchester may have to consider buying an apartment due to the competition for decent accommodation, it has been claimed.

Although all first-year undergraduates are guaranteed a place provided they apply by the deadline demand is high and not all of the halls have en-suite facilities.

Rather than paying rent for halls or off-campus accommodation that may not be entirely suitable, some parents are buying apartments in developments in and around the city centre, according to a report in the Telegraph.

Property developer Dandara is offering city-centre flats at its Spectrum development, with prices starting at £114,950, while Savills is selling apartments in The Hub in Piccadilly Place, from £124,500.

At Old Trafford, Gladedale's Pulse development has one and two-bedroom flats, with prices starting at £99,950.

One family who invested in a property told the newspaper: "We thought about when we would be selling it on, how close it was to the university, security and a good area."

Earlier this month, Andy Finch, from Knight Frank's Manchester branch, told the Times that studio apartments are likely to increase in popularity now that property price growth is moderating.