Data from the British Property Federation (BPF) has revealed that there are now 117,893 BTR homes in the UK – ranging from completed to planned – compared with a total of 90,761 BTR homes at the end of Q1 2017.
The number of completed BTR homes has increased by 45%, from 14,371 to 20,863 during the same period.
The number of BTR homes under construction has increased by 47%.
London has the largest number of BTR homes at 60,530 homes, followed by the North West (29,600) and the South East (7,101).
Ian Fletcher, director of real estate policy at BPF, said: “The build-to-rent sector is evolving quickly, with significant delivery in the regions and more houses, rather than just apartments, coming forward.
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“Policy is also adapting, as to date the sector has grown without a planning blueprint.
“This is now changing.
“With the draft-revised National Planning Policy Framework, local authorities will now have to specifically identify how many new rental homes their respective areas need.
“This has never before been enshrined in UK planning policy.
“Clearly, there are exemplar local authorities across the UK leading the charge, giving build-to-rent a chance to expand in the regions and demonstrate that it can cater for a wider range of people.
“The sector, however, has significant potential to deliver more professionally managed homes for all renters seeking higher-quality service and facilities.”