If students in Sheffield chose purpose-built accommodation instead of traditional house shares, property specialists Savills estimate a massive 3,971 houses could return to family use.
This would significantly ease the city’s shortage for family homes, and in turn, play its part in easing the housing crisis.
Across the whole of England, Wales and Scotland, a total of 77,000 homes could be given back to families Savills estimate. Students, however, often find themselves stuck in a family home, so desperately needed by someone else, after the university fails to provide an adequate amount of beds. This is where purpose-built student accommodation comes into factor, as a solution to everybody’s problems.
Savills also point out though, that with only one in four students in purpose-built accommodation, the city would strongly benefit from more developments. They awarded Sheffield an ‘Upper Second’ in terms of being a sound investment thanks to its current and future supply and demand, plus the strong state of the private rental sector.
Sheffield’s reputation as a great city for students, as shown by increasing UCAS figures, and consistent high results in satisfaction surveys, are also sure to help.
Students currently make up approximately 11% of Sheffield, at approximately 63,000 students out of a population of 551,800, making it a thriving market for those looking to invest in student accommodation. And, with only 11,369 bedrooms offered by the universities, over three quarters of students are left seeking accommodation elsewhere. They have little choice- either stay at home or look for other options. It is no surprise that the family homes Sheffield desperately needs are full.
Student accommodation is a tempting market for savvy investors. Despite UCAS applications consistently rising, especially from overseas students, universities are not focusing on the expense of new accommodation, and are instead relying on developers to meet the demand for rooms.
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