Brendan Geraghty, CEO of the UKAA (UK Apartment Association), the membership association and representative body for the Build to Rent sector, incorporating urban and suburban Build to Rent, comments:
“The Spring Budget provided the Government with a perfect opportunity to put housing front and centre, to invest in, and simplify, the planning system to deliver the new homes that the country is crying out for – but they did not take it.
“We welcome today’s announcement of £242m of investment in Barking Riverside and Canary Wharf, which will see 8,000 homes built according to the Chancellor, many of which we hope will be delivered by the Build to Rent sector. The Government itself estimates that 300,000 new homes are needed per year. Yet the planning system remains the biggest obstacle to new home delivery and urgent reform is required.
“We must provide homes of all tenures, to meet all needs, furnishing households with real choice regarding where and how they live. This includes delivering more Build to Rent homes across the UK – not to replace home ownership but as a housing tenure that promotes choice and delivers additional new, good quality homes.
“Analysis by Savills suggests that up to 1 million additional homes will be required in the private rented sector by 2031 to meet growing demand and Build to Rent, by its inherent nature able to build at scale and at pace, can play an important part in this delivery.
“The UKAA calls on Government to encourage more local authorities to support the role of Build to Rent homes in their communities benefiting both individual households and whole communities, with Build to Rent schemes serving as an anchor tenant in wider regeneration plans.”
