Student accommodation specialist Empiric is confident the vote to leave the EU will not do long-term damage to the sector.

Empiric Student Property issued a trading update this morning as it continues to build-out schemes across the country.

Empiric said said the impact of the Brexit vote would be limited.

The company said: “EU students represent only 6% of all full-time students in the UK, due primarily to the historical cap on the number of EU (including UK) students, as well the higher overall cost of studying in the UK (albeit subsidised) compared to continental Europe.

“Therefore, the UK’s higher education system is not dependent on this portion of the market.

“While students from the EU may be subject more stringent visa requirements and higher fees, there is strong demand from other international students and the potential long term devaluation of Sterling would make the UK more affordable for international students.

“There is also a significant increase in expectations of an interest rate fall which would be to our benefit.

“Therefore, we believe that the higher education sector and, by implication, the student accommodation sector will prove resilient.”

Paul Hadaway, Chief Executive of Empiric Student Property said: “With the Brexit result, we can expect some market volatility over the foreseeable future but we are confident that our business model will prove to be robust.”

 Via Construction Enquirer. Read the original article here.