The UK is the second largest market for purpose-built student accommodation (PBSA) outside of North America. Rapid growth over the last decade means that the sector is now valued at more than $65bn (£50bn). Key to this growth has been a strong global investor appetite for assets, underpinned by the safe haven appeal of the established UK market as well as rising demand from domestic and international students.
Investment into the UK has, in the main, emanated from North America. Investment from Asia currently remains small, but it is growing. The globalisation in the market extends to the make-up of the student body, with non-UKdomiciled students representing 16% of full-time undergraduate students and 19% of higher education students overall. It is expected that these proportions will be maintained, or even rise, in the future. Data shows a 6% year-on-year increase in the number of applications from international students for the 2019/20 academic year.
Manchester is home to two of the largest universities in the UK and, until recently, has had a council-driven moratorium on new PBSA development. As a result, there is significant pent-up demand for new product. Manchester is popular with international students and this continues to underpin pricing.
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Ramzi
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