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Growth in PBSAs For 2023-24

clock iconCreated At:14 April, 2023
write iconCreated By:Passant Mohamed

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The number of new beds confirmed to be live for the 2023-24 lettings cycle is still dropping compared to previous years. While final numbers will be confirmed in the coming months, around 10,000 units are expected to be operational in time for the new academic year.

This contradicts the 35k beds delivered in 2019 and 19k in 2022, indicating an ongoing decrease in new PBSA delivery. However, while national development in PBSA has been limited, locational variances exist.

The number of PBSA beds in Norwich has increased significantly year over year, with 11% more beds being available. Nottingham has witnessed the greatest rise in absolute terms during 2023-24, with bed numbers increasing by around 1,400 units.

While planning is generally slowing down, certain parts of the country have seen increased activity. For example, developers and investors have been rushing to provide additional supply in Nottingham in response to a rise in demand. 

Although there is an all-over-the-country shortage of PBSA, it is important to remember that each town or city has its own fundamentals, and a national lack of beds does not indicate that all locations can absorb more stock. Furthermore, as new schemes might take years to become operational, market fundamentals at the point of practical completion may alter significantly from those when an application is submitted.

The University of Glasgow has experienced considerable problems as a result of over-recruitment during Covid. Almost 6,500 more students visited Glasgow institutions in 2021 alone, with around 3,000 more Chinese students yearly.

However, the supply of PBSA beds increased by less than 1,000, further tightening an already tight market. Sheffield, on the other hand, received 1,800 beds while the total number of full-time students increased by only 345.


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