26 Sep 2017
Policy area: Residential
Research published today by the British Property Federation (BPF) shows that there are now 95,918 Build-to-Rent homes complete, under construction and in planning across the UK.
Compared to 69,824 in the first quarter of 2017, this represents an increase of 37.4 per cent in the number of new high-quality, professionally-managed rented homes across the UK.
At a time when both central government and the Mayor of London are focused on fixing the UK’s broken housing market, the BPF’s data demonstrates the Build-to-Rent sector’s capacity to add to housing supply at speed.
To aid transparency on the sector and its growth, the research has been produced by Savills, commissioned by the BPF, and is published quarterly as an interactive map on the BPF’s website.
When looking exclusively at the number of Build-to-Rent homes under construction and in planning, the rate of growth is even stronger. This number has risen from 56,547 to 78,917, representing a 39.6 per cent jump.
With 54,978 homes complete, under construction and in planning, London still benefits from the highest volume of Build-to-Rent. The regions, however, are making more progress in greenlighting development with 12,316 Build-to-Rent homes currently under construction – compared to 11,696 in London.
The size of Build-to-Rent developments also continues to experience significant growth, with 34 developments currently in the pipeline set to provide over 500 new rented homes each – compared to 24 developments in Q1.
Ian Fletcher, Director of Real Estate Policy, British Property Federation comments:
“Our data allows us to track Build-to-Rent’s growth across the UK, and ensures we are as transparent as possible when communicating the sector’s current and projected contribution to the country’s housing supply. 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.
“We are pleased by the Mayor of London’s continued support of the sector and his recognition of its capacity to deliver much-needed homes. We look forward to the government’s formal response to the national Housing White Paper, which formally recognised Build-to-Rent in the National Planning Policy Framework. 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.”