On top of the PBSA development pipeline, a further c. 15,600 beds per annum are required to catch up with demand alone Since private PBSA first began to be built at scale in the 1990s, most of it found a ready market, and in most places, demand continued to outstrip supply. With funding more readily available at attractive rates, it was reasonable to assume that a stable proportion of PBSA with planning permission would actually get built. For many years, therefore, the number of beds in the planning pipeline in any particular city was a useful indicator of what supply would look like in the coming years. However, this is no longer a reliable measure, as while delivery has slowed down, developers have continued to identify sites and improve their value by seeking planning permission. There is far more PBSA now in the planning pipeline than is likely to be built . Cushman & Wakefield’s ‘UK Student Accommodation Report 2025’ estimates that c. 18,200 new beds were delivered for 2025/26, offset against closure of c. 8,000, providing a net gain of c. 10,000. Another c. 23,750 are expected to open for 2026/27, with a further c. 10,500 under construction and ready in subsequent years. A further c. 96,000 have planning permission, and c. 16,000 are pending approval. Chart 3.2a compares these pipeline estimates with our estimate of demand. The columns show existing beds, and the dotted line our estimate of latent and future demand. The gap between the two in 2025/26 is the latent demand for 50,500 beds. The light blue columns show beds under construction, and the teal columns show the number of beds needed each year for supply to catch up with demand by 2029/30. It is surprisingly small – only 15,600 new beds every year – fewer than the number of beds actually expected to be delivered for 2026/27. The number is small because it does not take into account the number of poor-quality beds that also need to be replaced every year. We address this on the following page. Chart 3.2a : UK PBSA: estimated demand vs pipeline 730,000 740,000 750,000 760,000 770,000 780,000 790,000 800,000 810,000 820,000 830,000 840,000 850,000 860,000 870,000 2025/26 2026/27 2027/28 2028/29 2029/30 Latent and future demand c. 23,750 beds due for 2026/27 Latent demand for 50,500 beds A further c. 15,600 beds per annum required to catch up with latent and future demand alone by 2029/30 Existing beds Target to catch up Under construction A Student First Group research report | April 2026 | Page 27