Almost 100,000 build-to-rent homes are in the pipeline across the UK, new research has revealed
Figures published by the British Property Federation show that 33,075 private rented units were under construction in the first quarter of this year, with a further 63,955 further back in the development process.
This means a total of 97,030 build-to-rent homes are at some stage from being earmarked on strategic sites to being almost ready to move into – up more than a quarter from the same period a year earlier.
Completions of private rented properties were up from 14,371 to 20,863 over the same timeframe.
While more build-to-rent homes have been completed in London than in the rest of the country combined, there are now more units in development outside the capital than within it.
The North West dominates the regional picture with 29,600 homes at some stage of the cycle, including those that completed during the quarter. The South East is next with 7,101, while Wales has just 219.
BPF director of real estate policy Ian Fletcher said: ‘The build-to-rent sector is evolving quickly, with significant delivery in the regions and more houses, rather than just apartments, coming forward.
‘Clearly, there are exemplar local authorities across the UK leading the charge, giving build-to-rent a chance to expand in the regions and demonstrate that it can cater for a wider range of people. The sector, however, has significant potential to deliver more professionally-managed homes for all renters seeking higher quality service and facilities.’
Housing minister Dominic Raab commented: ‘The 45 per cent increase in completed build-to-rent homes is good news, but we’re restless to do more. Our revised National Planning Policy Framework is a crucial next step in supporting the build-to-rent sector, reforming planning rules and helping to deliver 300,000 homes a year by the mid-2020s.’
Lifschutz Davidson Sandilands AJ Award-winning Housing Project of the Year - the Paradise Gardens PRS project next to Ravenscourt Park in west London.
Source: Paul Riddle