Institutional investment in the Build to Rent (BTR) sector reached a record high last year, according to fresh research from Bidwells.
The consultancy's Build to Rent Summer 2019 Analysis report suggests there was a record £4 billion allocated to the sector in 2018.
It says that almost two-fifths of these transactions were forward funded and the investment brings the total invested over the last two years up to £6 billion.
London accounted for £1.6 billion of BTR investment last year, with £417 million invested in the South East and Eastern regions.
Meanwhile, construction has been completed on Glasgow's first major city centre BTR housing development.
Tay Letting has successfully let the entire 36-apartment complex following six weeks of marketing. The fully-let development now has a Gross Development Value of over £10 million.
The development, named Candleriggs Court (pictured above), is reportedly very popular with young professionals with the first tenants moving in during May and the community fully occupied by the end of this month.
"BTR developments will play an increasingly important role in Glasgow over the coming years," says Marc Taylor, director of Tay Letting.
"[Our] experience in successfully marketing Glasgow’s first major BTR scheme leaves the firm ideally placed to provide expertise and advice for the up and coming sector."
Following the success of Candleriggs Court, Tay Letting is partnering with private investment company Kelvin Properties to provide more BTR units for millennials in Glasgow.
Plans are now progressing to deliver another city centre site next year.
"We want to help Glasgow flourish and thrive by creating quality housing in prime locations, that really enhance the urban fabric of the city and attract the very best talent to the city," says Stephen McKechnie, managing director of Kelvin Properties.