Build to Rent development in London is over double that in the rest of the UK, new research shows.
According to the British Property Federation (BPF), London has over 14,276 units in planning, completed or under construction, compared to 7,112 in the rest of the country.
The figures also revealed that there are at least 3,404 completed units in London, compared to 240 in the rest of the UK.
Build to Rent is a scheme where the government shares risk or bridges finance to help encourage new housing investment.
The BPF said Build to Rent can deliver homes at 2.5 times the speed of developments for sale, and that there is £10bn of firm commitments and as much as £30bn that the sector has ready to invest this Parliament.
Melanie Leech, chief executive of the British Property Federation, said: “There is more that can be done to encourage the sector to grow, however. The Greater London Assembly has paved the way for Build to Rent, introducing both ambitious targets and supplementary planning guidance. Government has everything to gain from encouraging this sector, which will attract significant institutional investment into UK housing supply, deliver new homes quickly, and drive up standards in the private rented sector, and we hope to see it continue to support it.”
