10:10 AM, 20th May 2011, About 11 years ago
Rising tuition fees are not affecting bookings for the next academic year for Britain’s largest student landlord, the Unite Group.
In a trading statement to investors, the company has revealed room reservations for the 2011-2012 year are already ahead of last year – with 73% of bed spaces booked.
Bookings have jumped from 62% in May and are beating those for May last year, which stood at 71% for the same March 2 – May 18 period. Directors expect rents to top last year’s income by 3% – 4%.
This is partly due to new accommodation coming on line and a deal with for the short-term let of 3,600 rooms with the London Olympic Games organisers for the Olympic and Paralympic Games.
Overall, 4,500 student rooms will swell Unite’s letting capacity to around 43,000 bed spaces over the next three years.
Unite said: “Applications to study at UK Universities are 2.1% above 2010/11 levels indicating that, with no increase in funded places, 210,000 applicants will not obtain a place at university this year, which underlines the continued strength of demand for places.
“With the introduction of the higher tuition fees in 2012 and approximately 70% of Universities indicating they will set their fees at or above £8,500, we are anticipating a reduction in applications next year.
“However, due to the latent demand highlighted above, we do not anticipate a significant reduction in actual student numbers in the University cities in which we operate.
“International students, who will not be affected by the changes in tuition fees, now represent 46% of Unite’s customer base (70% in Greater London) and we expect this proportion to increase as UK Universities continue to be an attractive option for students around the world.”
Meanwhile, profits are up at Grainger plc, the UK’s biggest buy to let landlord.
The firm released a statement confirming half year profits for March 31 were £65.2 million compared with £3.5 million a year ago. Revenue increased from £126.3 million to £133.8 million.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Previous ArticlePacific Limited Chartered Accountants - Landlord Tax Advice
Next ArticleLandlords owed cash as repairs firm goes bust
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|