Build to Rent development in London 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 and shows that there are at least 3,404 completed units in London, compared to a mere 240 in the rest of the UK.
The BPF says Build to Rent has a major role to play in expanding housing delivery and attracting long-term investment that has the potential to significantly boost housing supply.
It says research shows that Build to Rent can deliver homes at 2.5 times the speed of developments for sale and that there is £10 billion of firm commitments and as much as £30 billion that the sector has ready to invest in the next five years.
“There is more that can be done to encourage the sector to grow. The Greater London Assembly has paved the way for Build to Rent, introducing both ambitious targets and supplementary planning guidance. Government has everything to gain from encouraging this sector, which will attract significant institutional investment into UK housing supply, deliver new homes quickly, and drive up standards in the private rented sector” says Melanie Leech, chief executive of the British Property Federation.
“Build to Rent ... 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” claims Andrew Stanford, residential fund manager at LaSalle Investment Management and chairman of the BPF’s Build to Rent Committee.