A so-called ‘Build To Rent Taskforce’ has been set up with a Labour MP as its chairperson, in a bid to improve the fortunes of the troubled sector.
A statement from the two organisations behind the idea says: “It still only accounts for 2% of all privately rented homes in the UK. The supply of rental housing is increasingly constrained and with ambitious government housing targets, it is essential that the sector is better known and that planning decision-makers recognise its role in meeting housing need and providing investment into communities.”
Build To Rent enthusiasts have long called for tax perks and planning concessions to give the niche sector special treatment.
Now Clive Betts – the 75 year old veteran Labour MP for Sheffield South East and a long-standing housing expert – is leading a group of property professionals led by the British Property Federation and the Association for Rental Living.
Both organisations are outspoken supporters of BTR. The Taskforce also includes “leading developers, operators, advisers, and investors” but these are not named.
Despite substantial publicity and the push of major agents such as Savills, there have only been 123,000 BTR homes built in the past 13 years with a further 158,960 either under construction or in planning.
The statement launching the Taskforce says: “Latest data from Savills and the BPF shows that whilst sector has faced a tough two-years, the number of BTR and SFR homes granted planning consent has increased by 35% over the past 12 months suggesting some tentative green shoots.”
Ian Fletcher, director of policy at the British Property Federation, comments: “While Build To Rent has diversified out of core cities and into single family housing, and need for rental homes is well-identified, but very few local planning authorities yet have dedicated BTR policies. The Taskforce is seeking to ensure that local authorities and planning decision-makers have a thorough understanding of how the sector is evolving and the contribution it makes to community and regeneration.”
And Brendan Geraghty, chief executive of the Association for Rental Living – whose members own and manage 83% of existing BTR units – adds: “It is critically important to raise awareness of Build To Rent’s potential to deliver homes and attract investment, to take this message to national and local government and create an environment that unlocks the potential for much needed new homes. We must remove any factors that limit the potential scale of this delivery or undermine the confidence of investors.”
