This report is the latest in a series of Higher Education Policy Institute (HEPI) reports on future demand for higher education. It looks at the various factors which may affect participation in higher education by home students in England up to 2035. This present report is produced in a very different environment from that of previous reports. Until recently, there has been a steady increase in the desire of young people to enter higher education, and the proportion of young people doing so has increased steadily, even while their population was declining. In the last two admissions rounds that increase appears to have stalled. This HEPI Report therefore considers how demand may be changing, what the factors are that may influence future demand and the implications of all this for students, for institutions and for society more generally.