Fresh Government figures show that there are 80,855 Build To Rent properties that have either been completed or are planned.
Data shows that investment in this region of the private rental sector could rise to £70bn, which could help to create 15,000 homes to rent each year until the year 2022.
In addition, it has the potential to reach a total of at least 240,000 homes built for the purpose of privately renting by 2030.
‘Unlocking’
These figures were revealed during the announcement of a £65m boost from the Government to ‘help unlock’ more than 7,600 homes in Wembley. At least 6,800 of these properties will be available to rent.
The Build to Rent sector has also received the backing of the Royal Institution of Chartered Surveyors and the British Property Federation.
A joint statement said proposals under consideration with the Government include altering planning rules so councils must initiate greater forward planning of rental needs.
There are also proposals to introduce tenancies of three years or more, with these seen as more family-friendly than the more traditional six months tenancy often seen in buy-to-let.
Nearly 81,000 Build to Rent units planned or completed in England
Longer Tenancies
The British Property Federation says that 35,000 tenants have been offered tenancies of three years or more in recent years, ever since a greater emphasis was put on longer tenancies.
Chief Executive of the BPF Melanie Leech, said: ‘We fully support the introduction of affordable private rent, and the inclusion of build to rent and affordable private rent within the National Planning and Policy Framework and Planning Practice Guidance – a multi-tenure approach where all housing sectors receive the right policy support is critical to fixing the UK’s broken housing market.’[1]
Head of UK external affairs Geoff White also said: ‘The government’s proposals to boost supply across all tenures is a welcome acknowledgement of the extent of the housing challenges and the scale of the response required.’[1]
Housing and Planning Minister Alok Sharma observed: ‘Whether renting or owning all families should have the security they need to be able to plan for the future. That’s why as part of our plan to fix the broken housing market we’ve been taking action to create a bigger and better private rental market, supporting new Build To Rent developments so that tenants can have greater choice.’[1]
[1] https://www.lettingagenttoday.co.uk/breaking-news/2017/8/almost-81-000-build-to-rent-units-in-england-completed-or-planned