The Build to Rent (BtR) market continues to be a booming market in London, with over one fifth of new homes now built to rent. Since the BtR housing model was first introduced, public policy has continued to evolve to support its growth. So, what is BtR and what are the benefits for developers?
The London Plan defines criteria which must be met in order for development to qualify as Build to Rent. This includes:
In accordance with the London Plan, the majority of London Boroughs also have dedicated policies to support the delivery of BtR schemes including:
Within these London Boroughs, BtR is seen as a way to increase the delivery of housing in the short-term, whilst providing a choice of housing types for Londoners. This is primarily linked to the fact that the delivery of BtR schemes does not need to be paced against the sale of the units, with investment companies often purchasing the entirety of the BtR component. This pace of delivery can be an incentive for Councils to allow schemes with reduced affordable housing, where supported by viability evidence.
If you would like to understand more about BtR and how best to strategise for its inclusion as part of the planning process, please do get in touch with us.