The number of newly completed build-to-rent homes across UK regions increased by 51 per cent in 2019, according to research commissioned by the British Property Federation.
There are now 152,071 build-to-rent homes at varying stages of development in the UK, according to the report by Savills.
At the end of the fourth quarter of 2018, the sector had completed 13,312 new homes across the UK’s regions. This figure jumped to 20,120 by the end of the fourth quarter of 2019.
Over the same period, the sector completed 3,061 new homes in London – from 17,000 to 20,061 – an increase of 18 per cent.
For the first time, the total number of newly completed build-to-rent homes across the UK regions has surpassed the total in London.
London, however, retains its lead over the regions with more build-to-rent homes at varying stages of development.
Taking the sector’s entire development pipeline into consideration, there are now 152,071 build-to-rent homes in the UK, including both London and the regions, of which 40,181 are complete, 35,415 under construction and 75,475 in planning – an increase of 15 per cent over the last year.
The average size of build-to-rent developments is also growing, indicating the confidence that investors have in the sector.
At the end of the fourth quarter of 2019, the average size of each completed build-to-rent scheme was 141 homes, this increases to 253 homes for the schemes under construction, while the average size of schemes in the planning system is higher still at 317 homes.
Ian Fletcher, director of Real Estate Policy, British Property Federation says: “Build-to-rent is well-liked by tenants and is proving popular with many local authorities.
“It has truly gone nationwide now, with homes being delivered across the country.
“As the government remains committed to delivering 300,000 homes, the sector is making a significant contribution to supply, regeneration and placemaking, with the average size of planned build-to rent-developments almost 200 homes higher than those that are complete, according to our figures.”