The Build to Rent sector in the UK now has 95,918 homes completed, under construction or in planning, a quarter on quarter rise of almost 40%, new research shows.
The number has increased from the 69,824 recorded in the first quarter of 2017, a rise of 37.4%, according to the data produced by real estate firm Savills for the British Property Federation (BPF).
When looking exclusively at the number of Build to Rent homes under construction and in planning, the rate of growth is even stronger, up from 56,547 to 78,917, an increase of 39.6%.
With 54,978 homes complete, under construction and in planning, London still has the highest number of Build to Rent homes but regionally numbers are growing with 12,316 currently under construction compared to 11,696 in London.
The size of Build to Rent developments also continues to experience significant growth, with 34 developments currently in the pipeline set to provide over 500 new rented homes each compared to 24 developments in the first quarter of the year.
‘The data allows us to track Build to Rent’s growth across the UK. Correcting the supply-demand imbalance in the UK is fundamental to addressing the housing crisis, and we have demonstrated that Build to Rent has much to offer,’ said Ian Fletcher, director of real estate policy at the BPF.
He welcomed the Mayor of London’s continued support of the sector and his recognition of its capacity to deliver much-needed homes. ‘We look forward to the Government’s formal response to the national Housing White Paper, which formally recognised Build to Rent in the National Planning Policy Framework,’ he added.
‘We need all housing tenures to be fully supported by the right policy framework if we are going to reverse the damage caused by years of undersupply,’ he concluded.