With fees tripling to £9,000 per year in 2012, university applications have soared this year, leading to an increase in demand for student properties in many locations. As a knock-on effect, so-called ‘bank of mum and dad’ landlords are snapping up properties now to let on to their offspring and their friends.

Five key tips for parents looking to invest:

• Location is key. The property needs to be near shops, nightlife and within walking distance from main college buildings.
• Remember a three bedroom house can easily become a four bedroom by converting one of the rooms on the ground floor.
• Accommodation for five or more students will need a Houses in Multiple Occupation (HMO) license.
• Avoid properties with gardens – they need maintaining.
• Decide between old and new. Old will be cheaper but will require upgrading. Remember - students like space so Victorian terrace homes with their generous room sizes make a good investment.