buying a property is alright but you wont get much for �50,000 and can you afford the other standard costs on top of that each year, council tax, upkeep, and the stamp duty...
if property is too much hassle I would speak to a company called www.zopa.com they are like a bank but with higher rate of returns on income. People use money they do not need to lend to others who meet certain criteria. You'd need to read the website...
but if that dont sound your thing, just put it in a savings account until you do need it, would make a nice deposit for your own house in a few years or even finish your education and start a pretty good business, but either way all banks are pretty much the same and you'd benefit from a high interest savings account anywhere.