House calls for Manchester medical student

Investing in property for student offspring can bring benefits for parent and child alike, as Julian and Susan Eisner and their daughter Beth are discovering at Grove Village, in Manchester.

Beth, 19, has just finished her first year as a medical student at the University of Manchester and will start next term in a brand new townhouse with all mod-cons, instead of the usual student ‘digs’.

For deputy head Julian and matron Susan, both working at the Kingsmead independent boarding school in Hoylake, Wirral, it’s the chance to invest in a property for their retirement.

Susan, 49, explains: “We’re not on the property ladder ourselves at the moment, having recently come back from Africa and now living at the school. Our savings weren’t doing anything in the bank so we decided to invest in property instead.

“It’s also our way of helping Beth with the cost of her studies, which could take five or maybe even seven years. It costs so much to train to become a doctor and it’s said that the average medical student leaves university with debts of around £60,000. This way she can live in a modern home in a nice environment throughout her training.”

Having been impressed with the quality and location of Gleeson Homes’ Grove Village, which is less than a mile from the city centre, as well as being close to the University and the Royal Manchester Infirmary, Susan and Julian, 50, have now invested in a second property to generate a rental income.

Susan adds: “The location was definitely the main selling point for us, but other factors included the low level of maintenance required with a brand new home and also that these homes are quite ‘green’ with a very good energy efficiency rating – something we both care about – plus of course that we could help Beth in a very practical way.

“Property prices are very competitive at the moment and, whilst we’re not expecting the value of our properties to rocket, it is a lifetime investment for us and will contribute to our pensions.”

Gleeson Homes’ Grove Village development offers a varied mix of contemporary apartments and houses, with previous prices from as little as £89,950 for a one-bedroom apartment. To register for future phases, go to Gleeson-homes.co.uk.