Build-to-rent work pipeline surges 30%

Aaron Morby 3 months ago
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The number of build-to-rent schemes completed in the past 12 months or in the planning and construction pipeline has mushroomed to 117,893 homes.

Balfour Beatty is set to start work on a 274-flat build to rent scheme in the New Cross area of Manchester city centre.

According to the first set of annual figures on the booming build-to-rent sector the total number of homes has shot up by 30% with ever more schemes springing up outside of London.

The research has been produced by Savills for the British Property Federation, also reveals traditional houses are increasingly being built to challenge more typical high rise flats scheme which were initially more popular with investors.

Now 17% of schemes in the pipeline including houses, rather than just typical high-rise apartments.

For the first time, included in the total figures for ‘in planning’, the research has tracked the capacity of strategic sites across the country identified for build-to-rent. A total of 17,578 homes have been earmarked by local authorities and developers for delivery on these sites.

Ian Fletcher, Director of Real Estate Policy, British Property Federation said: “The build-to-rent sector is evolving quickly, with significant delivery in the regions and more houses, rather than just apartments, coming forward.

“Policy is also adapting, as to date the sector has grown without a planning blueprint. This is now changing. With the draft revised National Planning Policy Framework, local authorities will now have to specifically identify how many new rental homes their respective areas need. This has never before been enshrined in UK planning policy.”

He added: “Clearly, there are exemplar local authorities across the UK leading the charge, giving build-to-rent a chance to expand in the regions and demonstrate that it can cater for a wider range of people. The sector, however, has significant potential to deliver more professionally-managed homes for all renters seeking higher quality service and facilities.”

Total number of build-to-rent homes recorded at the end of Q1 2018 and Q1 2017

Housing minister Dominic Raab added: “The 45% increase in completed build-to-rent homes is good news, but we’re restless to do more. Our revised National Planning Policy Framework is a crucial next step in supporting the build-to-rent sector, reforming planning rules, and helping to deliver 300,000 homes a year by the mid 2020s.

“This government is backing reform with £4.1bn to fund the roads, schools and medical centres needed to reinforce our local communities, as we build the homes Britain sorely needs.”

Outside London, the North West leads with the highest volume of build-to-rent homes complete, under construction and in planning.

Total number of build-to-rent homes, across all stages of the development lifecycle, by region, at the end of Q1 2018

SOURCE: BPF with analysis from Savills

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