New research by the British Property Federation (BPF) shows the sector is close to hitting the 100,000 homes milestone, with figures up 37.4% compared to the first quarter of 2017 (69,824).
In London, a total of 54,978 homes are complete, under construction and in planning. In addition, the size of of these developments continues to grow significantly, with 34 developments currently in the pipeline set to provide over 500 new rented homes each – compared to 24 developments in Q1.
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The BPF said it's data demonstrates the sector's capacity to add to housing supply at speed during a time both central government and the Mayor of London Sadiq Khana are focused on fixing the UK's housing market.
Ian Fletcher, Director of Real Estate Policy, said: "Our data allows us to track Build-to-Rent's growth across the UK, and ensures we are as transparent as possible when communicating the sector's current and projected contribution to the country's housing supply. Correcting the supply-demand imbalance in the UK is fundamental to addressing the housing crisis, and we have demonstrated that Build-to-Rent has much to offer.
"We are pleased by the Mayor of London's continued support of the sector and his recognition of its capacity to deliver much-needed homes. We look forward to the government's formal response to the national Housing White Paper, which formally recognised Build-to-Rent in the National Planning Policy Framework. We need all housing tenures to be fully supported by the right policy framework if we are going to reverse the damage caused by years of undersupply."
(LM/MH)
