In Leeds we have the same problem as Karen Lai describes - the seasonality of
retail provision, dead in the summer (not too many tourists come to see the
delightful 1850s to 1920s architecture of Uni of Leeds, tasteful though many of
the terraced-house-to-department conversions are). Shops in Woodhouse Ridge,
a bit of an urban backwater compared to Headingley, which at least has a large
South Asian community too, tend to severely reduce their food provision
during July-end September, leaving the elderly there with a kilometre trek to
Morrisons, uphill back again unless they struggle on board the bus with their four
supermarket bags. Or the OAPs can go every day of course and get one bag, we
all know that because OAPs don't actually work for an employer, they and their
time must be of absolutely no value to the community at all. PS what was that
about informal care of spouses, siblings etc.....?
It seems studentification is very widespread, across UK, USA, Canada, anyway.
It is a wonderful way to make money out of the housing market, already
overheated here in the UK. You buy a 4 bed, 2 reception room, terraced house in
Headingley, say £150,000. Convert 1 reception to a bedroom, stick 5 students in at
£55 a week, guaranteed income for 40 weeks a year at least. Take off the
income of one student for general admin, repairs etc - although the students are
all charged bonds, they pay the utility bills, and a bit of DIY
paint-and-plaster bodgery could scarcely cost more than the bond was. Thats an annual net
income of 40 x 55 x 4, or £8,800. As you'd be lucky to get 4% interest on your
money these days, we can capitalise that £8,800 income by dividing by 4% which
comes out at £220,000, a comfortable profit on the original house.
Seems like the expansion of HE in the UK is the best thing for absentee
landlords since the carefree days of Rachman, 1960s.
Hillary Shaw, School of Geography, University of Leeds, Leeds, LS2 9JT
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