Britain’s housing industry needs an investment of £250bn within the next seven years if the nation is to find a way out of the rental crisis.
According to a new report from Savills, an additional 1m rental homes are needed between now and 2031 to keep up with demand. It adds that most of those will need to be single-family homes, rather than the types of apartments that tend to feature in build-to-rent developments, which cater more to single people and couples.
So far, £3.5bn has been spent building just over 10,000 homes specifically made to be let; to build another million would cost £250bn, Savills estimates. It believes there is about £60bn waiting to be deployed into the UK build-to-rent sector, mostly into houses rather than flats.
