4^th Feb 2019

Core Living a new Build to Rent developer brand and its parent company is planning to start its first phase of building 500 homes with another 2,000 planned for next three years.

Stuart Pratt, group development director at the parent company of the brand, said: “We will be working with local councils and housebuilders alike to provide much-needed rental accommodation to those looking for long-term housing to rent.

“This will not only include the usual BTR apartments in city centres, but also the construction of family housing rental units in wider city and rural areas to help ease the nation’s housing queues.”

The plan is to deliver the first batch of 500 homes in Leicestershire, followed by Yorkshire and other areas in the north this year.

He continued: “We will then be targeting UK-wide locations with the aim of building another 2,000-plus homes in the following three years.”

The Build to Rent sector is in a healthy state as it is rapidly expanding with new developments across the UK. The British Property Federation's research found that numbers of Build to Rent homes being built in the UK has grown by 40% in the last twelve months.

At this moment there are in total 139,508 Build To Rent homes completed, being built and in the planning stage. The completed homes are 29% higher than last year and in the planning stage is 10% higher.

It good news for areas in the UK as it is the first time that number of newly BTR homes is virtually neck to neck with London, with 14,615 built and London having 14,801 completed.

Build to Rent developments in the regions are being given the go ahead far quicker than in the capital, as there are 24,010 homes being built outside London and the capital has 19,304 under construction.

Rightly so there was industry wide condemnation of the government's phasing down of the BTL mortgage interest tax relief; however last year landlords/investors did claim £17.7bn which was higher than 2017's £17.4bn.

Stephen Ludlow of a residential lettings and estate agent says that even with the punitive government's final reductions in buy to let tax relief in 2020, landlords should be able to offset £16.7bn of expenses against rental income.


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