The pipeline of consented build-to-rent homes yet to start onsite has almost tripled since last autumn, fresh figures have revealed
According to the British Property Foundation (BPF), 31,131 residential units destined for tenants were in the post-planning, pre-construction stage across the UK this month. This was up from 10,642 in October 2015.
Including units completed and let, and those in construction, the overall build-to-rent sector totalled 55,746 this month – up from 21,628 seven months earlier.
The picture outside London was even more dramatic, with the total build-to-rent figure up almost four-fold to 27,083 this month.
Indeed, removing completed units, the pipeline was greater outside the capital than inside, marking a turnaround from October.
BPF chief executive Melanie Leech said: ’It is fantastic to see the build-to-rent sector gaining so much traction across the country, and for it to be happening in a number of the UK’s major cities.
’We will be monitoring the progress of the sector closely in the coming months to try to ascertain how it is reacting to the current policy landscape.
’We will be working with the government to ensure that some recent changes, most notably the Stamp Duty Land Tax surcharge for additional homes, will not deter investor sentiment in the sector.’