Build to Rent sector continues to grow across the UK
The UK continues to improve the supply of rental homes in the private sector as developers build more homes designed specifically for tenants rather than buyers, it has been reported.
Build to Rent is still a relatively new concept in the world of rentals, but it's something that's started to grow in prominence over the last 12 months, and according to the latest data from Savills and the British Property Federation (BPF), 95,918 homes have been completed, are under construction or in planning nationwide.
This marks a rather impressive rise of some 37.4 per cent when compared to the quarter before, the data shows. And when looking only at rented homes in development or planning, this growth is even more impressive, with the 78,917 currently at either of these stages marking a rise of 39.6 per cent from the 56,547 recorded three months ago.
With nearly 55,000 homes in this sector either completed or coming in the future, London still accounts for the bulk of the Build to Rent sector at present. However, the gap is closing somewhat, with building in the regions rising. At present, some 11,696 are under construction in London, compared to more than 12,300 in other areas of the country.
"Correcting the supply-demand imbalance in the UK is fundamental to addressing the housing crisis, and we have demonstrated that Build to Rent has much to offer," said Ian Fletcher, director of real estate policy at the BPF.
"We need all housing tenures to be fully supported by the right policy framework if we are going to reverse the damage caused by years of undersupply," he added, as he backed the Mayor of London's continued support of the Build to Rent sector, and praised his ability to see the capacity that it has to address supply issues in the foreseeable future.