Over the last ten years, student accommodation has become a global asset class much sought after by everyone from Far Eastern sovereign wealth funds to Dutch healthcare workers’ pension schemes, fuelling development in the UK at a furious pace. But with some markets approaching saturation, development funding and sites increasingly hard to come by, and the – as yet unknown – impact of higher tuition fees, can it sustain this level of growth? And how is this influx of foreign capital affecting local housing markets in the UK’s key student cities? Optimists predict a flood of family-sized homes coming back on to the market, but in this piece for Modus, the magazine of the RICS, I found that the reality in key student cities like Leeds is rather different. Local experts apply the “trampoline test”: if there’s a garden big enough for a kid’s trampoline, a family might move in. If not, forget it. So far, the prospects for Leeds’ student heartlands don’t look good.