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Will ‘Build To Rent’ Spur Building Boom Outside London?
There could be a rush for scaffolding in the UK outside of London if the current ‘built to rent’ trend percolates from the capital.
The initiative was launched five years ago and got its first big jump start when the East Village was transformed for the 2012 Olympic Games for the Athletes’ Village, and since then, the development has provided nearly 3,000 rental properties for east London.
The Telegraph reports that with numerous projects following in its wake, the scheme could help keep the country’s housing market competitive and fluid.
Build to rent means properties are constructed especially to be rented out on a long-term, affordable basis, with dwellings being offered with longer-term assured short-hold tenancies thus simplifying renting for both landlords and tenants.
At present, investment in build to rent is limited to various products such as property funds available to institutional investors such as pension funds, including asset managers such as Legal and General and Investment Management.
The good news is, this year build to rent has been given a boost by a government initiative to change planning regulations so councils proactively plan for more affordable rental accommodation.
This in turn has been welcomed by the Royal Institution for Chartered Surveyors and the British Property Federation (BPF), and could mean the initiative spreads further outside of the capital.
Indeed, the BPF backs build to rent as a key to long-term investment in building new properties in the UK, believing it to be a safe home for investors’ money with good returns.
