Increased demand for Student Accommodation
One Guarantee has seen a rise in requests for structural warranties to cover Student accommodation, be it brand new, purpose built or renovation/conversion of an existing structure. Demand for such cover arises from investors behind such projects wishing to protect their investment, or to assist with the sale of the project once built/converted.
In 2019 and 2020 there was over 25% increase in demand for purpose-built student accommodation (PBSA) from both UK based and international students* and this is set to continue into 2020/21 within most major cities across the UK. The expected surge in the teenage population over the next few years will continue to drive demand to the point there may well be an initial oversupply. There is no North/ South divide either as developers look to convert existing buildings or build new developments across the UK.
What are students looking for?
Developments have to offer positive working and social environments to contribute towards positive relationships and enhanced wellbeing for all students, as well as provide facilities such as high speed wifi, communal facilities and on-site services such as gym and coffee shops. This has led to a combination of new build projects as well as conversions of previous office space, retail units on the high street or older disused buildings such as schools whereby an element of the property maybe listed.
How can OG help?
One Guarantee are keen to understand the experience of the parties involved and the proposed development itself. Our surveyors will visit the site during the build phase to ensure all is in order, working towards a satisfactory build for all parties involved and cover can then be placed post completion.
Benefits of an OG Student Accommodation policy
Not only is our policy with AA- rated, UK based insurers, but there is no defects period, cover is offered from practical completion and there is 26 weeks alternative accommodation cover included too as well as cover for common parts within the build.
* LD Events property article Feb 2019