A familiar refrain from the BPF is that government needs to be “firing on all cylinders” with housing. In order to address the current shortage, government must drive the development of homes of all tenures – be that homes for owner occupation, private rent or social rent.
The BPF has led the way in advocating the build-to-rent sector as having an important role to play in increasing stock, and over the past couple of years our members have risen to the challenge.
Our annual Residential Investment Conference took place last week against the backdrop of a flurry of build-to-rent deals. Big players in the market have collectively pledged over £4bn in the last six weeks, and we can expect to see more deals emerge over the coming months. It is safe to say that the sector has well and truly arrived.
According to the BPF’s interactive map, there are 30,000 build-to-rent units either complete, under construction or with planning in the UK, up from 21,000 three months ago.
While the discussions over build-to-rent at the conference were optimistic, the dark cloud of the housing shortage loomed; perhaps best summed up by Steve Sanham of HUB, who asked the audience if anyone was concerned their children would not be able to buy a home. Almost every delegate raised their hand.
It is clear that innovation is needed, and that many are rising to the challenge, as presentations from HUB, Pocket and Inspired Asset Management proved. These ‘disruptors’ are essential to ensuring our industry stays at the top of its game, challenging the status quo and forcing the competition to keep up. The idea of disruption as a force for good is something that is becoming more prevalent in our lives, particularly with the advance of technology – and is something we should welcome.
Arguably, disruption comes more naturally to new entrants and the younger generation, who perhaps feel more keenly the challenges facing us, and are able to bring a fresh perspective. It is with this in mind that the BPF is holding its inaugural Tomorrow’s Leaders awards this year, which will identify four exceptional young professionals aged 35 and under from BPF member organisations.
We want to recognise those who will feature in the pages of this magazine in a few years’ time. We want to celebrate ambassadors and leaders, and those who deliver exceptional customer service. We want to find those who will shape the agenda and our industry over the coming years and decades, and I urge all our members to put their talented colleagues forward for the awards.
The Tomorrow’s Leaders winners will one day be written about as industry giants – they will serve their time on our committees and even as our presidents. The industry has lost one such giant in the last few weeks. I was honoured to present a BPF Honorary Life Fellowship to Ian Coull late last year, and was deeply saddened to learn of his death. He has set the bar high for the industry’s next generation.
Melanie Leech is chief executive of the British Property Federation
