London will become a city of renters, with the number of people renting in the capital due to overtake homeowners by 2025, so London must take a long-term and strategic approach to providing a better choice of rented accommodation, say London First as they launch a new report.
London First has partnered with London Councils and Turley to produce “Everything you need to know about build to rent in London“. The report aims to provide Councillors and officers in London government with an overview of the emerging build to rent sector, and to engage with boroughs about why build to rent offers benefits to their local areas.
The report sets out why build to rent is relevant to London and the many housing challenges the city faces, the benefits that such development can bring such as helping to increase housing supply, and an explanation of key issues that boroughs will need to consider when thinking about build to rent schemes in their areas.
Build to rent can deliver stable, long-term investment into high-quality new homes, designed specifically for the rental market, and the economics mean developers want to build quickly – instead of delivering a large outline consent in phases over a decade for market sale, build to rent schemes will be delivered fast, so rental incomes can be earned as soon as possible.
Jonathan Seager – Executive Director, Policy, London First, said: “There has already been significant growth in the sector, but with the full support of local authorities build to rent can dramatically boost housebuilding in London.
“There is no simple solution to London’s lack of housebuilding – increasing supply requires action on multiple fronts. This means, amongst other actions, building at higher densities to make the best use of land, using new transport infrastructure as a catalyst to unlock more housing development, and introducing a coordinated approach to identifying and releasing surplus public land for housing. London First is currently working and campaigning across all these areas and more to create the right environment for London to increase housing supply to keep the city competitive.”