The Build-to-Rent Taskforce has been formed to support the growth of the
Build-to-Rent (BtR) and Single-Family Rental (SFR) sectors across the UK.
Chaired by Clive Betts, MP for Sheffield South East, and comprising a
cross-sector group of professionals, including representatives from the British
Property Federation (BPF), the Association for Rental Living, and leading
developers, operators, advisers, and investors, the Taskforce will work
collaboratively to highlight the benefits of BtR and SFR.
BtR is a vital part of the housing market, contributing 123,000 homes since
2012, with a further 158,960 either under construction or in planning, but
despite its rapid progress it still only accounts for 2% of all privately
rented homes in the UK.
The supply of rental housing is increasingly constrained and with ambitious
Government housing targets, it is essential that the sector is better known and
that planning decision-makers recognise its role in meeting housing need and
providing investment into communities. Latest data from Savills and the BPF
shows that whilst sector has faced a tough two-years, the number of BtR and SFR
homes granted planning consent has increased by 35% over the past 12 months
suggesting some tentative green shoots.
BtR provides professionally managed, energy efficient homes and is focused
on ensuring tenants receive the best possible experience as customers. As part
of its work the Taskforce will consider a consumer code to protect and further
enhance the resident experience.
Ian Fletcher, Director of Policy,
British Property Federation, said: “Build-to-Rent
has made significant progress over the last decade, unlocking institutional
investment to become an integral part of the housing market. However, the
Government’s ambitious housing targets require all parts of the housing market
to be operating efficiently and effectively. While Build-to-Rent has
diversified out of core cities and into single family housing, and need for
rental homes is well-identified, but very few local planning authorities yet
have dedicated BtR policies. The Taskforce is seeking to ensure that local
authorities and planning decision-makers have a thorough understanding of how
the sector is evolving and the contribution it makes to community and
regeneration. Against the backdrop of the Government considering its 10-year
housing strategy, there is a huge amount of investment interested
in helping fund the chronic undersupply of new rental homes, which the
Taskforce will seek to harness.”
Brendan Geraghty, CEO of the
Association for Rental Living, comments: “The
Association for Rental Living, whose membership includes investors and
operators who own and manage 83% of UK Build-to-Rent homes, welcomes the
creation of this Taskforce. It is critically important to raise awareness of
Build to Rent’s potential to deliver homes and attract investment, to take this
message to national and local government and create an environment that unlocks
the potential for much needed new homes. We must remove any factors that limit
the potential scale of this delivery or undermine the confidence of investors.
“With a key focus of the Taskforce being on protecting consumers, the BtR
Code of Practice and Customer Charter that we are creating will be central to
defining and confirming the high standards of customer treatment as well as the
quality and sustainability of homes essential to meet housing need.”
The Taskforce will meet regularly over the next 18 months.
