Is this the future of UK student accommodation?
September 21st, 2013
UPDATE: Oct 2016 Property Week award boycotted by angry student judges
“Unless all students have access to safe, affordable accommodation at every institution and the means to pay for it, there is no cause for celebration, nor the ability for us to award a for-profit sector failing so many of our peers.”
UPDATE: July 2016 I received another email recently, again from Aspen Woolf, only this time I decided to pursue it. Feigning interest in Kingfisher Court I booked a call which occurred the following morning. I was very honest with the bloke, told him I write a housing blog, told him I had heard there is “no exit” (see comment end of page) and what did he have to say?
In short order he told me the product is “more suitable for people over 60 as an investment”. “Not suitable for people with a mortgage”. “A long term investment”.
When asked directly if there is an exit he told me “Yes of course, but they are harder to sell and there’s a £3000 out fee”.
So essentially the guy who wrote the comment at the end of this post was right. There’s an exit in theory but you’re not encouraged to use it and if you try it’s going to be more difficult than selling a house because you have to wait for somebody in a smaller pool of investors in student accommodation to buy you out.
Avoid like the plague would be my advice.