There are now more build-to-rent homes in the UK regions than in London, according to the British Property Federation.
A new report, commissioned by the BPF and produced by Savills, showed that there were 62,021 BTR homes either completed, under construction or being planned outside the capital, compared to 62,016 in London. The total number of BTR homes nationwide has also increased to 124,037 completed, under construction or being planned nationwide compared to 117,893 at the end of Q1 and 98,723 at the same point last year.
The BPF said the research showed that investors and developers were making progress in finding sites large enough to develop buildings of a large scale.
While only two completed developments have over 500 build-to-rent homes each, there are now 25 developments in planning and 12 under construction which comprise 500 units or more, the report found.
Ian Fletcher, director of real estate policy at the BPF, said: “This is a significant landmark moment for build-to-rent, with the sector’s total number of homes across the UK’s regions overtaking London’s total for the first time ever. Clearly, recognition of build-to-rent’s potential to deliver much-needed new, high-quality rental homes is gathering momentum across the country.
“Investors in build-to-rent are keen to develop quicker and at higher density, and the sector has much to offer to accelerate housing delivery on large, urban strategic sites.”
Find out more - Encouraging BTR is the best way to help renters
Jacqui Daly, director, Savills residential investment research and strategy, added: “There is growing evidence that large sites need a range of tenures to speed up build out rates and that build-to-rent should be part of the mix.
“By bringing in a forward funder, build-to-rent can also help de-risk large schemes, creating an early sense of place as tenants move in, and footfall for on-site amenities.”
Celebrating #5YearsofBTR with @getliving @BritProp this evening...build-to-rent has reached nearly 125,000 homes. #Letwin Review has got it right - multi tenure housing is critical. Home ownership alone won't fix UK housing crisis. pic.twitter.com/KPDQdm9pXx— Drew McNeill (@12just3drewit) July 5, 2018