Analysis published by the British Property Federation (BPF) shows the build-to-rent (BTR) sector continues to grow at pace.
The total number of homes completed, under construction or in planning is up 13 per cent year-on-year to 237,000, and a record number of local authorities have BTR in their housing pipelines.
The analysis, conducted at the end of the second quarter in collaboration with Savills, showed a 16 per cent increase in the number of completed homes to 73,739.
There was a 13 per cent increase in units under construction and 10 per cent increase in units in planning, suggesting the growth of the sector will be sustained.
The report also highlights the expansion of the BTR sector across the UK.
The total number of homes completed or in the pipeline in regional cities is up 16 per cent year-on-year, versus just eight per cent in London, with a record 45 per cent of local authorities now including BTR homes in their future housing supply.
The research also highlights how BTR delivery is evolving, with single family BTR the fastest-growing sub-sector over the past 12 months.
This has seen a 44 per cent increase in the number of units in the pipeline (to 21,000).
Ian Fletcher, director of real estate policy, British Property Federation says: “Our analysis for the second quarter of the year further underlines just how rapidly the UK BTR sector is expanding.
“We can see a broader spread and increased presence of BTR across the country, with more local authorities including it in Local Plans and considering it a vital component of future housing supply.
“This shows the market maturing beyond London and major regional city centres to towns and suburban locations and BTR becoming very much part of a more diverse and future-proof UK housing market.
“At the inception of the BTR sector in 2012, the intention was that it should become a nationwide phenomenon, adding to supply and providing a quality rental offer across the country.
“It is pleasing to say a decade later that hope has become the reality.”
