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TODAY'S OTHER NEWS

Another big surge in Build To Rent but London starting to lag

There’s been a 12 per cent increase in the number of Built To Rent homes across the UK that have been completed, are under construction or at the planning stage.

Data from the British Property Federation shows that those three categories add up to 157,512 BTR units. 

Between Q1 2019 and Q1 2020, the number of completed BTR homes rose by 42 per cent while the number under construction decreased by 11 per cent and the number in planning jumped by 12 per cent.

Outside of London, the sector continues to see a significant rise in the number of homes completed with a jump of 58 per cent in the last 12 months across the regions.

With significantly higher volumes of homes moving from under construction to complete, growth in the number of homes under construction has been relatively static in London with a small two per cent rise and has decreased in the regions with a drop of 21 per cent.

London, however, has seen a decrease in the number of homes in planning, falling by 10 per cent since the end of Q1 2019.

The BPF says it’s still too early to see the impact of Coronavirus on the sector’s housing pipeline.

“Pain is being felt across all sectors of the economy, but BTR remains attractive to investors and we know from past experience that demand for rental housing usually leads homes for sale out of any recovery” explains Ian Fletcher, director of real estate policy at the BPF.

“Our statistics show that a quarter of BTR delivery is now coming from major housebuilders and their support of the sector, through for example access to land, could really boost growth in this sector” he continues.

“One concern is the London pipeline – the statistics show a sharp decline in the number of homes in planning across the capital. London was a leader in championing build-to-rent and the sector’s role in adding much-needed new homes to its housing market. The imbalance between housing demand and supply has not gone away, and if anything the impact of Coronavirus has shown us that a safe and secure home for everyone is fundamental, and we should be doing everything we can to ensure the capital’s housing market delivers for everyone.”

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