■ The UK is globally recognised for its higher education, and attracts large numbers of students from the UK and across the world. Overall student numbers look set to be broadly static for the 2016/17 academic year, but this will hide substantial variation in city and institution level trends.

■ The purpose-built student accommodation market saw record-breaking investment in 2015 and remains a highly attractive asset. Although investment is unlikely to hit last year’s highs (£5.9bn) and Brexit remains a risk, we expect total investment in 2016 to hit £4bn, well above 2013-14 levels.

■ The challenge for investors is obtaining stock at a sufficient scale. With the majority of purpose-built beds owned in small portfolios, we are likely to see further consolidation in the sector.

■ Increased investment appetite brings the risks of a shift to speculative development in weaker markets. We advise caution as it is essential to understand local market dynamics and be selective in this increasingly competitive development market.

■ Provision of purpose-built accommodation remains low in most markets and many students are reliant on HMOs. However, there are risks in developing too many premium schemes and a more affordable product offers the greatest potential for growth.