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The 6th edition of the 'Higher Education and Student Accommodation Market Report – UK 2016-2020 Analysis' identifies construction activity in this growing sector and reviews capital funding, maintenance issues, demand/supply of student accommodation, key contractors and consortia in both the universities/colleges and student accommodation sectors.

Key sections covered:

• Review of university capital funding – budgets, plans, key universities, alternative funding sources.
• Detailed analysis of types of accommodation within the student housing market - including current supply in university halls, commercial and private accommodation.
• Key potential growth areas.
• Key operators, contractors/consortia.

Key areas of insight include:

• Impact of higher tuition fees - demand for places / student accommodation, review of ownership and maintenance requirements of student halls - alternative funding options for universities upgrading residential/non-residential facilities etc.
• Review of capital funding in HE system, university capital building programmes.
• Supply-demand imbalance of purpose built student accommodation (PBSA) driven by rising student numbers - problems of under-supply in many university towns – shift in balance towards higher standards of accommodation.
• Analysis of university estate and infrastructure backlog, and overview of leading construction contractors operating in the higher education sector.
• Partnership models between investors, developers and operators of PBSA with universities to upgrade/replace existing stock. Growth of private sector to upgrade and develop accommodation – transfer of ownership / outsourcing functions to the private sector.
• Market shares, portfolios and future development pipelines of key 25 commercial operators and investment funds in PBSA market – new market entrants.
• Analysis of developer activity within PBSA market including current supply of accommodation, factors affecting market and forecasts of future PBSA development pipeline, key growth opportunities.

OVERVIEW OF UK HIGHER EDUCATION SECTOR

• Brief overview of higher education system in the UK including types of University and the impact of new universities on infrastructure development.
• Growth in student numbers 2008-15, recent trends/future prospects, increase of overseas students, impact of higher tuition fees – numbers still rising.
• Value of total university funding in the UK to 2015/16 - Higher Education Funding for England, Wales and Scotland to 2015.
• Overview of higher education capital investment to 2014-15, Capital grants up to 2014 – total and for top 10 universities in England and Scotland.
• Impact of funding cuts on university infrastructure development – alternative funding sources, review of ownership and maintenance requirements of their student halls. Other sources of income – Charitable Trusts, Endowment Funds, Bond Markets.

HIGHER EDUCATION CONSTRUCTION ACTIVITY & KEY CONTRACTORS

• Analysis of construction output in the higher education sector.
• HE Capital Spending, top 15 University capital grants 2015/16.
• University Estate – Top 40 universities – number of buildings, floor area, capital expenditure – all split by residential and non-residential.
• Examples of university capital building programmes, impact of spending cuts, procurement of capital building projects in the HE sector – partnerships, University Enterprise Zones.
• Higher Education / Student Accommodation Contractors and Consortia – Top 20 key players, projects/pipelines in 2015, sector experience etc.

OVERVIEW OF UK STUDENT ACCOMMODATION MARKET

• Mix of student accommodation – bedspaces 2010-2020, mix by type 2015/16 - university owned/operated, commercial / PBSA halls, private shared houses. Current supply of student accommodation at leading UK universities including share/volume mix of types of accommodation – average rents, outsourcing etc.
• Impact of rising student numbers /international students (a key market) on university accommodation –demand continues to grow and outstrip supply.
• Regional analysis of student accommodation market – level of provision at Top 30 universities, share taken by PBSA, opportunities, key growth areas etc.
• London student accommodation market – rising student numbers and planning restrictions affecting development activity in some central areas, development pipeline. Key players.
• Factors affecting student accommodation market – impact of rising student rents, overseas students, switch to higher spec. accommodation, student accommodation investment funds.
• Market shares of leading 35 commercial operators of accommodation including developers, housing associations etc - analysis of portfolios and forward development pipelines.
• Leading investment funds – key players - portfolios, fund values, impact on market.
• Future supply 2016-18, analysis of future PBSA development pipeline both in London and nationally, market prospects, key growth areas, new market entrants.

Table Of Contents

Higher Education and Student Accomodation Sector Report - UK 2016-2020 Analysis
1. INTRODUCTION 6
2. SUMMARY AND FUTURE PROSPECTS 7
3. OVERVIEW OF HIGHER EDUCATION IN THE UK 11
3.1 OVERVIEW OF UNIVERSITIES IN THE UK 11
3.1.1 Rise of the ‘New Universities' 11
3.1.2 Role of Private Providers in the HE Sector 11
3.2 STUDENT GROWTH 12
3.2.1 Applications 12
3.2.2 Overseas Students 13
3.3 TUITION FEES 14
3.3.1 Impact of Tuition Fee Rises on Student Numbers 16
3.4 HIGHER EDUCATION GREEN PAPER 2015 16
4. HIGHER EDUCATION SPENDING AND INVESTMENT 18
4.1 FUNDING STRUCTURES 18
4.2 HEFCE FUNDING FOR ENGLAND 20
4.3 SFC FUNDING FOR SCOTLAND 21
4.4 HEFCW FUNDING FOR WALES 23
4.5 ENDOWMENT FUNDS 24
4.5.1 Bond Markets 24
5. CONSTRUCTION ACTIVITY IN THE HIGHER EDUCATION SECTOR 26
5.1 TOTAL CONSTRUCTION OUTPUT 26
5.1.1 Construction New Work - Value of Non-Domestic Output to 2020 26
5.1.2 Construction Output by Sector to 2020 27
5.2 HIGHER EDUCATION CONSTRUCTION OUTPUT 30
5.3 HIGHER EDUCATION CAPITAL EXPENDITURE 32
5.3.1 England 32
5.3.2 Scotland 33
5.3.3 Wales 34
5.4 UNIVERSITY ESTATES CAPITAL EXPENDITURE 34
5.5 UNIVERSITY/STUDENT ACCOMMODATION CAPITAL BUILDING PROGRAMMES 38
5.5.1 Overview 38
5.5.2 Procurement of University Construction Work 39
5.5.3 Partnership with Private Sector Businesses 41
5.5.4 University Capital Plans 43
5.6 CONSTRUCTION SUPPLY IN THE HIGHER EDUCATION SECTOR 46
5.6.1 Contractor Activity in the HE Sector in 2015 47
6. THE STUDENT ACCOMMODATION MARKET 53
6.1 OVERVIEW 53
6.2 PROVISION OF STUDENT ACCOMMODATION 54
6.2.1 Regional Provision of Student Accommodation 55
6.2.2 Student Accommodation Market in London 57
6.3 TYPES OF STUDENT ACCOMMODATION 58
6.3.1 University Halls 58
6.3.2 Commercially Operated Halls 62
6.4 FACTORS AFFECTING THE MARKET 65
6.4.1 Student Rents 65
6.4.2 Student Accommodation Investment Funds 68
6.4.3 Planning Issues and Community Infrastructure Levies (CIL) 69
6.4.4 Use of Offsite Construction in the PBSA Market 70
6.5 KEY DRIVERS OF THE STUDENT ACCOMMODATION MARKET 72
6.5.1 Student Accommodation Development Pipeline 72
6.5.2 London PBSA Development Pipeline 73
6.5.3 Forecast UK Development Pipeline 74
6.5.4 Outlook for the Student Accommodation Market 75

List of Charts and Tables

CHART 1 STUDENT BED-SPACES BY OWNERSHIP TYPE 2016 (%) - UNIVERSITY / COMMERCIALLY MANAGED HALLS 7
CHART 2 HEI APPLICATIONS 2011-2015 (UK and OVERSEAS APPLICANTS) 13
CHART 3 2015 OVERSEAS APPLICANTS TO UK UNIVERSITIES BY COUNTRY OF ORIGIN 14
TABLE 4 ANNUAL TUITION FEES IN THE UK BY COUNTRY 2015-16 15
CHART 5 SOURCES OF UK HIGHER EDUCATION FINANCE - INCOME 2014-15 18
TABLE 6 HEFCE FORECASTS FOR HIGHER EDUCATION SECTOR INCOME LEVELS IN ENGLAND - 2015-2018 (£M) - BY INCOME SOURCE 19
TABLE 7 HEFCE GRANT FOR FINANCIAL YEARS 2011-12 TO 2015-16 (£M) 20
TABLE 8 HEFCE FUNDING 2015-16 - TOP 15 UNIVERSITIES BY SIZE OF GRANT 21
TABLE 9 SFC GRANT FOR FINANCIAL YEARS 2011-12 TO 2015-16 (£M) 21
TABLE 10 SFC SCOTLAND FUNDING 2015-16 - TOP 15 UNIVERSITIES 22
TABLE 11 SFC SCOTLAND INDICATIVE RESEARCH EXCELLENCE GRANT - FUNDING BY UNIVERSITY 2016-2018 (£M) 23
TABLE 12 TOP 15 UK UNIVERSITY ENDOWMENT FUNDS 2014-15 (£M) 24
CHART 13 VALUE OF NON-DOMESTIC CONSTRUCTION OUTPUT 2010 - 2020 BY VALUE (£BN AT CURRENT PRICES) 26
CHART 14 VALUE OF CONSTRUCTION OUTPUT NEW WORK BY SECTOR - % BY VALUE 2015 28
TABLE 15 CONTRACTORS OUTPUT IN PUBLIC SECTOR UNIVERSITY CONSTRUCTION WORK 2010-2020 (£M) 31
TABLE 16 TOP CAPITAL ALLOCATIONS TO HIGHER EDUCATION INSTITUTIONS 2015-16 (£M) 33
TABLE 17 SFC SCOTLAND CAPITAL FUNDING 2015-16 - TOP 15 UNIVERSITIES 34
TABLE 18 ESTATE MANAGEMENT DATA BY INSTITUTION (NON-RESIDENTIAL/RESIDENTIAL) - GIFA, CAPITAL EXPENDITURE ETC. 2013-14 36
CHART 19 AGE OF NON-RESIDENTIAL UNIVERSITY ESTATE 2014-15 37
TABLE 20 UNIVERSITY ENTERPRISE ZONES IN THE UK - SUMMARY - PARTNERSHIP STRUCTURES, FUNDING, SECTOR FOCUS. 42
TABLE 21 UNIVERSITIES SECTOR ANALYSIS - TOP CONTRACTORS BY VALUE OF PROJECTS (£M) and PROJECT EXPERIENCE 2014-15 51
CHART 22 TYPES OF STUDENT ACCOMMODATION IN THE UK - APPROXIMATE SHARE BY TYPE 2015-16 54
TABLE 23 REGIONAL STUDENT ACCOMMODATION PROVISION 2015-16 - 25 MAJOR UNIVERSITIES -SPLIT BY HALLS/PRIVATE. 56
TABLE 24 REGIONAL PROVISION OF STUDENT ACCOMMODATION AT MAJOR UK UNIVERSITIES 2015-16 - NO. OF BEDS/% IN UNIVERSITY ACCOMMODATION 59
TABLE 25 ON CAMPUS STUDENT ACCOMMODATION PROJECTS IN PIPELINE 2016 - VALUE, NO. OF BEDS, STATUS, PROJECT DEADLINE. 61
TABLE 26 MARKET SHARES OF LEADING COMMERCIAL OPERATORS OF STUDENT ACCOMMODATION IN THE UK 2015-16 63
TABLE 27 AVERAGE WEEKLY RENTS FOR STUDENT ACCOMMODATION IN THE UK 2014-15 AND 2015-16 BY REGION AND PROVIDER 66
TABLE 28 AVERAGE WEEKLY RENTS FOR STUDENT ACCOMMODATION IN THE UK 2014-15 AND 2015-16 BY TYPE OF ACCOMMODATION 67
TABLE 29 MAJOR STUDENT ACCOMMODATION INVESTMENT FUND DEALS IN 2015-16 68
TABLE 30 TOP COMMUNITY INFRASTRUCTURE LEVY (CIL) RATES FOR STUDENT ACCOMMODATION DEVELOPMENT BY LONDON BOROUGH/REGIONAL CENTRE 70
CHART 31 FORWARD PIPELINE OF STUDENT BED-SPACES BY OPERATOR 2016-2019 72
CHART 32 ESTIMATED NUMBER OF NEW STUDENT BED SPACES BUILT PER YEAR - 2010-2020 74

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