Brendan Geraghty, Chief Executive Officer, The UKAA comments: “The Build to Rent sector has a key role to play in addressing the housing shortage in the UK delivering affordable, high quality, secure accommodation for those whose access to home ownership is limited and helping to accelerate housing delivery. The growth of the sector is dependent on continuing to attract capital investment. However, the biggest obstacle to delivering these homes is the planning system.
“The on-going delays to planning exacerbated by changed to the NPPF has led to 50 local authorities pausing or reducing local housing development plans. This is leading to delays and uncertainty for investment in Build to Rent.
“It is also disappointing that the Spring Budget does not address the issues impacting supply of much-needed high quality homes for rent. Since 2019 a total of 70,000 buy-to-let landlords have left the housing market, representing a loss of 116,000 properties.”
“It is encouraging that focus continues on Levelling Up, with the announcement of 12 investment zones. Build to Rent is central to regeneration and meeting housing need in key regional cities. The UKAA is supporting this approach by establishing regional hubs to focus on BTR delivery in these regions, with hubs already active in Scotland and the North West of England, with more coming in the Midlands and North East.”