As the UK housing shortage gap becomes wider and wider, there is a need for something to fill this gap, enter stage right Build to Rent.
Whether people like or not we are fast become a nation of renters, rising house prices leaving people en-masse unable to make that first rung on the UK property ladder, an English “man’s” home is still his castle but only if you can afford one, and these days it looks like you may well have to have a suit of armour and be called Lord Somebody to afford one.
Now that little rant is out of the way, there is still the problem of the UK housing crisis to discuss, so let us to get back to the subject at hand build to rent.
People need somewhere to live rented or not, so construction of build to rent properties are going up quicker that a wind-breaker on a Blackpool beach on a summers day.
- Nearly 96,000 homes have now been launched under the build-to-rent scheme.
- 95,918 homes across the UK have been completed, are under construction or are in planning under the scheme.
- 17,001 have been completed. A further 24,012 are under construction and 54,905 in the planning stage.
- Number of homes in the build to rent sector is up more than 37 per cent from 69,824 in the first quarter of the year.
- Research by estate agency Savills shows the number of build-to-rent homes under construction and in planning is up 45 per cent over that period.
- The vast majority of homes under the build to rent scheme are in London, at 54,978 compared to 40,940 in the regions.
- Local developers account for some 27 per cent of homes under the scheme and major UK developers 23 per cent.
British Property Federation director of real estate policy Ian Fletcher says: “Correcting the supply-demand imbalance is fundamental to addressing the UK housing crisis. 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. The build-to-rent scheme was launched by the Government in 2012.”
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