Propertywire website reports that the number of Build to Rent homes complete, under construction and in planning across the UK has increased by 30% in the last year.
The first annual data on the sector - produced by Savills and commissioned by the British Property Federation (BPF) – highlights that in the UK there are now 117,893 Build to rent properties versus 90,761 at the end of the first quarter of 2017.
What is Build to Rent?
The Build to Rent (B2R) sector refers to the emerging sub-market in private rented residential stock in the UK, designed specifically for renting rather than for sale. The sector is backed by the Government and is becoming more diverse with homes now being offered as well as apartments.
The study also found that:
- the number of completed Built to Rent homes has increased by 45%, growing from 14,371 to 20,863, in the same period;
- the number of B2R homes under construction has increased by 47%;
- 17,578 B2R homes have been earmarked by local authorities and developers for delivery on strategic sites across the country;
- the North West region has the highest number of green-lit Build to Rent properties.
Jacqui Daly, director of Savills residential investment research and strategy, said there is now real momentum in the sector, boosted by the draft revised National Planning Policy Framework, which officially recognises the importance of build to rent in bringing forward new homes and the need to define sites to ensure delivery.