Sharp increase in amount of build-to-rent domestic properties
There has been a 30 per cent increase in the total number of build-to-rent properties in the UK over the past year. This is according to a study by the British Property Federation (BPF) in collaboration with the estate agent, Savills.
Expanding on the headline figure, the analysis revealed that. as of the end of Q1 2018, there were 117,893 build-to-rent homes in various stages of the development cycle, an increase on the 90,761 for the same quarter in 2017.
The number of build-to-rent homes actually completed also rose, with an increase of 45 per cent on the previous year’s figure.
Commenting on the rise, the Minister of State for Housing and Planning, Dominic Raab, said: “The 45% 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.”
Regionally, London leads the way, with the amount of completed build-to-rent domestic properties for Q1 totalling 60,530. The North West follows with 29,600. The East, however, is some way behind, with 1,244.
The director for real estate at the BPF, 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.
“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.”