Build To Rent completions are estimated to double by 2025, a property company forecasts.
Between 2017 and 2018, the number of new BTR completions reaching the market grew by one per cent, before a surge between 2018 and 2019 when completions jumped 54 per cent.
There was a decline last year of some 20 per cent caused by Covid-fuelled delays, but now one player in the sector – Ascend Properties – says a rise is expected as the sector recovers.
Ascend claims that a further 73,535 BTR completions should reach the market by the start of 2025 in addition to the existing 53,750 units.
Managing director Ged McPartlin says: “There’s a growing recognition that owning property may not be the norm in the future, as is already the case in numerous other European countries. In the UK’s most expensive regions such as London, many already rent for far longer than we’ve seen traditionally and while we remain a nation of aspirational homeowners, not everyone is as focussed on realising this aspiration.
“Therefore it’s important that residents are able to live in high-quality properties fit for their needs. BTR fits this gap perfectly, so it’s no surprise that the sector has seen an impressive level of growth in just a few short years, as well as a notable level of investment.
“We’ve seen a number of big housebuilders and institutional investors shift focus towards the BTR sector in recent years and it has become an integral part of forward planning where stock delivery is concerned. Those yet to realise this are likely to be playing catch up as the sector continues to build momentum in the coming years.”
This post has originally been featured in Letting Agent Today.