The number of Build To Rent homes planned across the UK has doubled in just six months to 45,000, according to the British Property Federation.
Building magazine says the 45,000 BTR properties in the pipeline in April represents a 107 per cent increase on the 22,000 known about in October. The number under construction has also nearly doubled to around 14,000 across the country.
Build To Rent is the generic term given to schemes of purpose-built rental accommodation which is funded by institutions, constructed on their behalf and then let through either an in-house management team or the use of ‘branded’ letting agents, usually working on-site.
Since the start of 2016 there have been major investments announced for this sector, including Grainger plc pledging to invest £850m by 2020, Legal & General working with Dutch pension fund PGGM to deliver a £600M build to rent investment plan and Greystar Europe Holdings - one of the USA’s biggest housing investors - announcing the acquisition of a 26.5 acre site in Greenford, west London.
The Royal Bank of Scotland has also announced a £1 billion funding pledge for the sector.