Record number of Build To Rent planning consents, with big suburban surge
Research by the British Property Federation shows that 6,937 new Build To Rent homes won full planning permission in the first three months of 2021.
This is the highest number of planning consents recorded for any quarter in the sector’s history. With 6,321 consents, the third quarter of 2016 follows in second place.
The BPF says the BTR sector continues to grow at pace – with a total of 188,456 homes now complete, under construction or in planning across the UK. This is 21 per cent up on a year ago.
Across the UK, there are now over 5,000 completed BTR homes located in suburban areas – that’s 10 per cent of all completed BTR units and a reflection of increasing demand for this kind of property outside city centre.
A BPF statement says: “This model – currently found in locations such as Crawley, Wigan and Wakefield – comprises mostly houses, unlike the Build To Rent apartments in city centre locations. Suburban BTR has been gaining momentum over the last few years and with a further 3,449 homes under construction and 5,296 in planning, this looks set to continue throughout 2021.”
British Property Federation real estate policy director Ian Fletcher says: “While the UK faced significant challenges at the beginning of this year, having gone back into lockdown at the end of December, the BTR sector has remained resilient – supporting the economy, new construction, jobs, its customers and local communities.
“Not only has the sector continued to build much-needed high quality rental homes across the UK, but it is also diversifying – with plans to deliver more homes in suburban areas than ever before. It is hugely positive to see the sector offering more choice to customers who either choose or need to rent.”