The number of build to rent homes currently under construction across the UK’s regions is nearly double that to London [pictured], according to new research.
Research published by the British Property Federation (BPF) reveals that the UK’s regions have 10,244 build to rent homes under construction while London has only 6,262.
Manchester and Salford have the largest number of build to rent homes under construction outside London.
Despite the latest findings, London continues at the forefront of the sector with a total of 38,648 build to rent homes either complete, under construction or in planning — the regions have 31,176.
Ian Fletcher, BPF’s director of real estate policy, said: “The UK’s build to rent sector has reached a significant milestone today, proving for the first time that the sector is making its mark across the regions. While the government now better recognises that we need a housing sector firing on all cylinders across the UK, our data is a timely reminder of build to rent’s contribution to solving the housing crisis. This research will further professionalise the sector, ensure it is transparent and allow us to track its growth at a time when housing is at the top of government’s agenda.”
Andrew Stanford, head of UK residential at LaSalle Investment Management and chairman of the BPF’s build-to-rent committee added: “An ability to invest at scale was cited as a key barrier to the growth of the build to rent sector by the Montague Review in 2012. The BPF’s analysis is encouraging because it demonstrates that high quality, fit-for-purpose build to rent schemes are no longer a rarity across the UK. Options for investors have noticeably increased across the country for those willing to be involved in the development process. This bodes well for the rapidly maturing sector.”
* For more information on the UK construction market, visit the Construction Intelligence Center Report Store.