London mayor says the private rental sector will play an increasing part in solving the capital’s housing shortage - but insists Build To Rent is likely to attract most of his focus.
In his ‘City For All Londoners’ document released this week, Khan says he will back yet more local borough council licensing schemes for landlords “which could help crack down on criminal landlords as well as recognising the good service that the majority of landlords provide.”
However, much of his emphasis is going to be on attracting institutional investment for custom-built private rental accommodation.
“I am focusing on ways of attracting finance into new high-quality Build To Rent development. I will review how planning policies can recognise the distinct economics of Build To Rent, as well as seeking to support it through City Hall investment and helping to develop innovative construction methods” he says.
Around half of all British Build To Rent accommodation so far has been earmarked for London. The British Property Federation says in the past year the number of BTR units in with planning permission, under construction or completed in the UK has surged by over 200 per cent to 67,000 units: London has 33,000 and the regions some 34,000.