Number of Build to Rent homes across UK up by 30% according to new research
The British Property Federation (BPF) has published its first set of annual data on the build-to-rent sector’s growth, which shows the total number of build-to-rent homes complete, under construction and in planning across the UK has increased by 30 per cent in the past year.
In the UK there are now 117,893 build-to-rent homes – new, high-quality and professionally-managed homes built for renters – across all stages of the development lifecycle, compared to the total of 90,761 homes at the end of Q1 2017 according to the BPF.
Read the The British Property Federation (BPF) research report with data 12th April 2018 in full click here.
Ian Fletcher, Director of Real Estate Policy, British Property Federation comments:
“The build-to-rent sector is evolving quickly, with significant delivery in the regions and more houses, rather than just apartments, coming forward. Policy is also adapting, as to date the sector has grown without a planning blueprint. This is now changing. With the draft revised National Planning Policy Framework, local authorities will now have to specifically identify how many new rental homes their respective areas need. This has never before been enshrined in UK planning policy.
“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.”
Jacqui Daly, Director, Savills residential investment research and strategy, adds:
“The development pipeline is growing strongly at both ends. The number of homes completed and under construction has risen by 46 per cent in the past year alone, and the pre-planning pipeline is growing quickly. There is now real momentum in the sector, having received a significant boost in the draft revised National Planning Policy Framework, which officially recognised the importance of build to rent in bringing forward new homes and the need to define sites to ensure delivery. At this rate of growth, we expect that the build to rent pipeline could double to around 200,000 within the next two years.”
Minister of State for Housing Dominic Raab adds:
“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.
“This government is backing reform with £4.1bn to fund the roads, schools and medical centres needed to reinforce our local communities, as we build the homes Britain sorely needs.”
Read the The British Property Federation (BPF) research report with data 12th April 2018 in full click here.
You May Also Enjoy
Rightmove asks government to consider retaining first-time buyer stamp duty threshold
5 Steps to Becoming the Best Estate Agent in Your Town
Breaking Property News – 25/07/24
Rightmove’s weekly mortgage tracker
Why You Should Invest in Herne Bay Property