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A new report has revealed that London now contains 38,600 build-to-rent (BTR) properties with a further 34,100 in the pipeline with the boroughs of Newham, Tower Hamlets and Brent leading the field.
The report, pulled together by Cortland Consulting, reviews platform HomeViews and trade association the UKAA, reveals the accelerating growth of this new sector of the private rented sector particularly in the capital, which is easily the UK’s largest BTR market.
Their report claims that BTR can provide the rental homes that London’s rapidly growing population needs – which has increased by some 622,000 over the past ten years.
Brent and Newham in particular have seen huge growth in the number of BTR units, which over the past decade have seen a third of new homes within their boundaries provided by this kind of private rented property.
Some 13% of all new homes in the capital on average were supplied by BTR over this period.
Sheer scale
What the report also highlights, and which may soon begin to impact private landlords with lower-quality properties, is the sheer scale of activity within London.
For example, in the boroughs of Woolwich and Ilford in North East London there are 40 operational BTR developments with a further ten under construction, eight granted planning and several more going through planning.
Read more: What does BTR mean for BTL landlords?
“Almost ten years since BTR arrived in the UK, the sector has delivered almost 85,000 homes nationwide, 46% of which – or 38,620 – were delivered in London,” says Iain Murray, Senior Director BTR Consultancy (Europe), Cortland Consult (pictured).
“BTR has proven itself as a highly effective mobiliser for the delivery of new homes, underpinning many of the capital’s most successful and flourishing regeneration projects: such as Wembley Park, Nine Elms & Battersea, Elephant & Castle, and Stratford’s Olympic Legacy transformation.”
Read the report in full.
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