A market snapshot of the growing Build To Rent sector outside of London suggests units are letting rapidly with low voids.

Figures from data consultancy EG show letting times of three to seven days in eight locations, all of which are based around the Midlands and North – Stalybridge, Greater Manchester, Crewe, Coventry, Heywood, Oldham, St Helens and Wednesbury.

Across the UK as a whole, EG data shows the average number of days a BTR home remains on the market is 28, compared to London and Edinburgh where flats take more than 30 days to let.

Average monthly rental value topped £1,786 across the UK

EG data director Anna Reed says: , Data Director at EG, says: “For investors and property developers it’s clear … the greatest opportunity lies outside of London. With 38,000 BTR properties built in the last year, the BTR market is maturing and those looking to invest in BTR should be looking to the Midlands and North rather than capital cities for the quickest letting times.”

Separate data released last month shows the Build to Rent sector has grown by 14 per cent in the year to the end of the first quarter of 2022.

Figures prepared by Savills for the British Property Federation show that over 225,000 BTR homes have now either been delivered or are in planning in the UK, up from 197,000 in Q4 2020. 

Regional (that is, outside-London) BTR grew 16 per cent year-on-year; London, meanwhile, lags behind slightly with 12 per cent year-on-year sector growth and 42 per cent of the total pipeline. 

The number of completed Build to Rent homes rose 19 per cent over the last year, reaching a new high of 72,668 units. Growth in completions has been similar across regional markets (18 per cent annual growth) and London (20 per cent).

Some 5,802 Build to Rent homes were completed in London in the year to Q1 2022. While this is 19 per cent lower than the peak of 7,100 in the year to Q4 2021 it is nonetheless 44 per cent higher than the 2017-19 average. 

And some 5,901 Build to Rent homes completed in the regions in the year to Q1 2022, 22 per cent lower than in the year to Q4 2021 but still 15 per cent higher than the 2017-19 average.