Build To Rent schemes out of London claim rapid lettings, low voids

Build To Rent schemes out of London claim rapid lettings, low voids


Todays other news


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. 

Share this article ...

Join the conversation: Login and have your say

Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions. All comments are screened using specialist software and may be reviewed by our editorial team before publication. Letting Agent Today reserves the right to edit, withhold or delete comments that violate our guidelines, including those that harass, degrade, or intimidate others. Users who post such content may be banned from commenting.
By commenting, you agree to our Commenting Terms of Use.
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Recommended for you
Related Articles
The league table identifies the region with the highest HMO...
Controversial legislation is being considered by the Scottish Parliament...
Rents are still up on an annual basis but a...
The data comes from flat sharing service SpareRoom...
The Welsh Government is backing the call for a 'compensation'...
There will be a greater emphasis on digitisation....
A consultation document is being released today....
Recommended for you
Latest Features
Two amendments are being put to the Renters Rights Bill...
David Smith Weill be answering agents' questions...
She;'s previously worked with LSL's Reeds Rains brand...
Sponsored Content
Tenants want a place they can call home—somewhere comfortable, safe,...
Letting agencies face the dual challenge of keeping both landlords...

Send to a friend

In order to send this article to a friend you must first login. Click on the button below to login or sign up.

No one likes pop-ups ...
But while you're here