By Sally Writes
Due to the ever-growing student population in Huddersfield, the town has been recognized as a top 5 hotspot for investors looking to buy and rent student accommodation properties, as reported by Aspen Woolf. There is a shortage of such properties inside and outside of town, with just about 5000 purpose-specific units developed against 24000 students. This makes the town and its suburbs an ideal and solid investment hub, inviting investors from all over the world. Besides, the ever-booming economy offers property investors a unique opportunity to potentially enjoy city-like benefits in and around a medium-sized market town.
The local student accommodation market
The number of students in the UK has been growing significantly for the last 15 years. Ever since the University of Huddersfield won the University of the Year award, the student population has been rising steadily. As mentioned before, there are about 24,000 students and more than 19% of these are from overseas. Whether coming from around or abroad, all these students require accommodation. As statistics suggest, more than 75% of students from this university are forced to seek alternative shelter because there are not enough modern facilities.
What it means to the property space
Due to good economy and student population, Huddersfield property market continue to beat that of major cities in the country, and people are opting to stay in the area despite London’s house prices continuous fall, according to the latest Land Registry House Price Index figures. In the 21st century, students are looking for affordable yet high-quality and well-equipped modern spaces. This creates the perfect opportunity for developers to construct studio and ensuite apartments in block buildings. Emerging Property reports that the occupancy levels of these houses can be as high as 99%. People are also buying properties in the suburbs and converting them to student facilities. An example is the Primrose Hill Student Residence, a 19th-century chapel that was converted into a student accommodation facility in 2012 and has recently been refurbished to suit changing times.
The booming economy is inviting
Huddersfield is the largest town in Kirklees and is near the cities of Leeds, Manchester and Sheffield. The economic strength of this town can be attributed to its investment in higher education and the industrial revolution, which started way back in the 18th and 19th centuries. Huddersfield is the only town in Yorkshire where more businesses opened than closed in 2018, according to Zoopla. Also, the town is well connected to the surrounding cities in terms of transport and is 3 hours away from London by train. Because of its location and strongholds, it enjoys one of the largest economies and ranks 3rd in the quality of life in the UK. Huddersfield has about 14000 employers and over 35000 employees who all need a place to stay. These aspects contribute largely when it comes to attracting investors who want to develop properties both in town and the suburbs.
Huddersfield is a medium town that continues to attract both domestic and overseas investors. It has a great potential market, and the Kirklees authority is still trying to build more opportunities. As a property investor, you should seek to acquire and let houses that target the students and working force around town. Some of the district suburbs to consider investing in include Crosland Moor, Lindsey, Fartown and Marsh.
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On this week's episode of the Business Programme, Liz Hey is joined by Founder Andy Howarth and General Manager Natalie Wells, of The Howarth Foundation.
The Howarth Foundation help the most vulnerable in our society gain employment in a variety of sectors.
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