What does the cryptic crossword clue "UCAS uncovered shortage, less university space available (8)" mean?

This cryptic clue uses wordplay to arrive at the answer. Visit the page for progressive hints — definition, wordplay type, and a full step-by-step explanation.

UCAS uncovered shortage, less university space available (8)

Times Cryptic #29189 | 5 Across | 2025-03-28

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I haven't cracked this one yet — but the brilliant team at Times for the Times have:

{u}CA{s} + PAUCITY (shortage) – U

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