9:22 AM, 2nd March 2023, About 12 months ago 3
Build to rent (BTR) is growing more rapidly than any other housing sector, according to a new report.
The British Property Federation (BPF)’s Build to Rent Q3 2022 report revealed growth of 15% year-on-year, with more than 240,000 homes either in planning, under construction, or completed.
BTR began in urban areas, but regional growth has now surpassed that of London: the BPF’s Build to Rent Q3 2022 statistics show regional BTR growing at almost triple the pace of that in London: 20%, compared to 7%.
According to the English Housing Survey, the number of households renting privately has increased by 93% in the last 15 years, while the number of owner-occupied households has grown by just 3%.
The surge in renting is not just to do with mortgage rates or the wider economy but is part of a long-term trend among younger generations for more flexibility.
Andy Jones, group director of corporate lettings and build to rent for Leaders Roman Group said: “BTR has only just celebrated its tenth birthday. But spanning property and service sectors, urban and rural locations and appealing to every demographic group, BTR has already come of age.
“A BTR community offers much more than just a new house. It’s a community in which an individual or family occupies a house, but it could be swapped for another as the family’s needs change.”
He added: “BTR communities tick all the boxes in relation to the government’s aspirations, including sustainability (on multiple levels), ‘building beautiful’ and the concept of the 15-minute neighbourhood.
“BTR suburban communities are also ideally placed to meet future housing needs and deliver on the levelling up agenda.”
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