London continues to lead “rental market revolution” following pandemic
As part of Bdaily’s latest feature week, The Property Market, we look to market analysis conducted by property maintenance solution provider Help me Fix has, which has revealed that build-to-rent completions have increased by 19 per cent since the start of the pandemic.
In the two years since the start of the pandemic (Q1 2020 - Q1 2022), the UK has seen 28,065 build-to-rent properties built. This is 19 per cent more than the two years leading to the start of the pandemic when nationwide completions totalled 23,589.
London continues to lead this “rental market revolution” with a 35 per cent increase in market stock since the start of 2020. Across the capital, over 13,000 build-to-rent units have been completed over the last two years, versus just 9,716 in the same period prior to the outbreak of Covid-19.
Meanwhile, the rest of the UK has seen numbers rise from 13,873 to 14,942, an increase of 8 per cent. London’s build-to-rent market dominance means that the capital now accounts for 48 per cent of all post-pandemic completions, with the rest of the UK accounting for 52 per cent.
While London has long taken the lion’s share of build-to-rent market activity, this current proportion of the market has grown quite considerably, with London accounting for just 43 per cent of all build-to-rent market activity in the two years prior to the start of the pandemic.
Founder of Help me Fix, Ettan Bazil, commented: “Although momentum has continued to grow across the build-to-rent sector since the start of the pandemic, this is a trend that has been materialising for some years now.
“But while the nation’s rental market residents have long recognised the benefits of this tailored offering, it’s fair to say that the events of the past two years have certainly increased appetites for higher quality, well managed rental accommodation, providing the additional benefit of longer term certainty and security.
“Not only does this longer term solution provide greater security, but this blend between rental market flexibility and the managed approach of the new-build sector are increasing the quality of living within the rental sector.
“When you couple this with a focus on lifestyle, with build-to-rent developments providing greater levels of on-site amenities and green space areas, it’s easy to see why the pandemic has spurred an uplift in popularity.”
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