The British Property Federation and Association for Rental Living has joined forces to create a Build-to-Rent Taskforce.
The taskforce will focus on promoting Build-to-Rent, protecting consumers, and facilitating public / private partnerships to increase provision of new homes.
The Build-to-Rent Taskforce has been formed to support the growth of the Build-to-Rent (BtR) and Single-Family Rental (SFR) sectors across the UK.
Chaired by Clive Betts, MP for Sheffield South East, and comprising a cross-sector group of professionals, including representatives from the British Property Federation (BPF), the Association for Rental Living, and leading developers, operators, advisers, and investors, the Taskforce will work collaboratively to highlight the benefits of BTR and SFR.
BTR is a growing part of the housing market, contributing 123,000 homes since 2012, with a further 158,960 either under construction or in planning, but despite its rapid progress it still only accounts for 2% of all privately rented homes in the UK.
The supply of rental housing is increasingly constrained and with ambitious government housing targets, it is essential that the sector is better known and that planning decision-makers recognise its role in meeting housing need and providing investment into communities.
Latest data from Savills and the BPF shows that whilst sector has faced a tough two-years, the number of BtR and SFR homes granted planning consent has increased by 35% over the past 12 months suggesting some tentative green shoots.
BTR provides professionally managed, energy efficient homes and is focused on ensuring tenants receive the best possible experience as customers. As part of its work the Taskforce will consider a consumer code to protect and further enhance the resident experience.
Ian Fletcher, director of policy, British Property Federation, commented: “Build-to-Rent has made significant progress over the last decade, unlocking institutional investment to become an integral part of the housing market. However, the Government’s ambitious housing targets require all parts of the housing market to be operating efficiently and effectively. While Build-to-Rent has diversified out of core cities and into single family housing, and need for rental homes is well-identified, but very few local planning authorities yet have dedicated BtR policies. The Taskforce is seeking to ensure that local authorities and planning decision-makers have a thorough understanding of how the sector is evolving and the contribution it makes to community and regeneration. Against the backdrop of the Government considering its 10-year housing strategy, there is a huge amount of investment interested in helping fund the chronic undersupply of new rental homes, which the Taskforce will seek to harness.”
Brendan Geraghty, CEO of the Association for Rental Living, added: “The Association for Rental Living, whose membership includes investors and operators who own and manage 83% of UK Build-to-Rent homes, welcomes the creation of this Taskforce. It is critically important to raise awareness of Build to Rent’s potential to deliver homes and attract investment, to take this message to national and local government and create an environment that unlocks the potential for much needed new homes. We must remove any factors that limit the potential scale of this delivery or undermine the confidence of investors.
“With a key focus of the Taskforce being on protecting consumers, the BtR Code of Practice and Customer Charter that we are creating will be central to defining and confirming the high standards of customer treatment as well as the quality and sustainability of homes essential to meet housing need.”
The taskforce will meet regularly over the next 18 months.
Read the orginal article: https://propertyindustryeye.com/labour-mp-to-head-up-build-to-rent-taskforce/
