Want to invest in a property company trading at a 28% discount to its net asset value, operating in a market with virtually guaranteed growth, offering a 4.1% yield and rated a “buy” by all the analysts who follow it? You could look at Empiric Student Property Plc. At its annual meeting this week, its chief executive officer announced that its rooms were full, its rents growing strongly (up 10.5% last year and expected to rise 6% this year) and its business “poised for growth.” Or consider Unite Group Plc, which has a similar business model, catering to university students in need of living quarters, and similar results.

In a world of young people keen for en-suite bathrooms and chill-out zones alongside their degree, it seems pretty safe doesn’t it? It might not be.