The
number of completed build to rent homes has grown 37% in the last year to some
47,754 homes.
Rapid growth in major
cities including Manchester, Birmingham and Leeds saw the regions jump by 50%
to 24,747 homes, with London up 22% to 23,007.
The updated figures
from the British Property Federation and Savills saw the industry swell to
167,853 homes at the end of June.
But the BPF warned the
sector will need ongoing support from the government to continue this momentum.
Major completions,
including Dandara’s 2,000-home regional portfolio including Birmingham’s Arena
Central (pictured), saw the number of homes under construction dip 5% to
34,132. This drop was felt more in the regions (down 11%) compared to London
(up 3%).
However, the number of
homes in planning rose, pointing to a strong pipeline for the sector.
There are currently
80,730 homes in planning, up 27% on a year earlier.
Developers have
continued to favour regional cities, with the regions soaring 52% to 46,221
homes, against a 4% uptick to 34,509 in the capital.
Local developers are
responsible for the bulk of BTR homes, contributing 28% to the market, followed
by UK housebuilders (27%) and major UK developers (17%).
Ian Fletcher, director
of real estate policy at the BPF, said continued growth of the sector “requires
momentum behind converting planning applications to construction starts” and
called on the government to support the sector.
He said: “These
decisions however will be on a knife edge for the next year, as risks rise and productivity
remains low as a result of Covid-19. And so the government must ensure it does
not take this much-needed new investment for granted, and both our planning and
tax systems give confidence to investors to make decisions today for the
long-term health of the UK housing market.”