London leads the way with Build to Rent, delivering twice as much as rest of country.
Figures released recently show that Build to Rent development in the capital is over double that in the rest of the UK, with over 14,276 units in planning, completed or under construction in London compared to 7,112 in the rest of the country.
The figures have been compiled by the British Property Federation (BPF), which has launched an interactive map tracking Build to Rent development in the UK. It shows that there are at least 3,404 completed units in London, compared to 240 in the rest of the UK. The interactive map can be found here.
The organisation has published an accompanying manifesto for the Build to Rent sector, in which it urges government to follow the lead of the Greater London Authority (GLA), and change national planning policy to stress that the appropriate affordable housing on new Build to Rent developments should be discounted market rent.
The BPF has long championed the role that Build to Rent has to play in expanding housing delivery, attracting long-term investment that has the potential to significantly boost housing supply.
Melanie Leech, chief executive of the British Property Federation, commented: “It has felt for a long time that Build to Rent has been on the cusp of becoming a sector in its own right. Today, we are proud to show that the sector has really taken off, and it is great to see how many fantastic projects are either underway or completed, and that residents have quality rented homes.”
Andrew Stanford, residential fund manager at LaSalle Investment Management and chairman of the BPF’s Build to Rent Committee said: “The momentum behind Build to Rent continues. It is moving firmly beyond theory and into reality. With continued support from both national and local government this progress can continue. The growing number of long-term institutional investors in the sector will then find a suitable home for their capital, ensuring that housing supply and tenant choice can increase.”
Build to Rent: Welcome to the UK’s Newest Housing Sector, can be read here.