University could boost housing market

LANDLORDS in Suffolk could net hundreds of thousands of pounds in rent following the announcement that the county will soon have its own university, estate agents believe.

LANDLORDS in Suffolk could net hundreds of thousands of pounds in rent following the announcement that the county will soon have its own university, estate agents believe.

With University Campus Suffolk (UCS) finally getting the green light last Friday, the town will soon be home to thousands of students.

And estate agents in Ipswich firmly believe the beneficiaries of this demand will be those with property to let.

Although Suffolk College already has high numbers of students enrolled, most are from Ipswich originally.

However, the university development - which could see the first intake of undergraduates in September 2007 - will take students from further afield who require accommodation in Suffolk.

Tim Owens, from Property Gallery said he expected a high demand in lettings when the university is built.

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He said: "If you look at other towns and cities where they already have universities, landlords do very well out of student lets.

"I expect there will be areas dominated by students. Areas such as Foxhall Road, and Spring Road, where there are older style housing will be popular and investors will certainly start buying in those areas.

"I think the university will attract more students, bringing them into the area from elsewhere."

Mr Owens said investors would be attracted to Suffolk, as they have been with the regeneration of the waterfront.

He said: "If you look at the properties built around the docks, we are certainly letting out a lot of the new build stuff and none of my clients live in Suffolk."

Suffolk is one of only four counties in England without a university, meaning it currently misses out on an estimated £1million a week generated by a university.

Karl Mitchell, from Seatons felt confident the university would benefit landlords. He said: "I'm not too sure how it will affect the capital value of properties, but I think there will be an abundance of tenants which will help fill the many flats which are being built.

"Around the college there are a variety of the established Victorian terraced houses which could be used by students too.

"Across the board, I think there will be an increase in demand, which will certainly benefit landlords."

Lucinda Clements, from Goddard and Company said: "Potentially, the demand could be huge which would mean landlords would be in a strong position.

"But students do tend to be a bit of a problem as they are in the property for a lot of the day and they have parties and people around, which can cause damage.

"Because of that some landlords won't go with it, but there will definitely be the demand for student housing."

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