A new campaign has been launched setting out steps the government can take to unlock £30bn of investment in the rental sector.
Developers, pension funds and housing associations, including Grainger, Savills and Fizzy Living, have come together to push for the delivery of purpose-built long-term rental housing.
The amount that could be unlocked is potentially enough to build more than 150,000 homes – housing around 350,000 people.
In an open letter to the next government, supported by the British Property Federation, the Better Renting for Britain campaign says the build-to-rent sector could play a crucial role in solving the housing crisis, improving the quality of housing and financing more development through additional, institutional capital.
The letter has made five requests to the future government:
- Councils should identify how much rented housing they need and allocate land to it. It can ensure that housing is rented and not sold by agreeing covenants with developers.
- Idle public land should be used to generate income for councils by developing rental blocks.
- A modernised approach to affordable housing which recognises the wholly different funding structures relating to build to rent compared with housing for sale.
- The sector to continue operating as a free market, which is vital to securing investment.
- Work with us to promote best practice, better inform the public and help improve the perception of the entire rented sector.
Nick Jopling, executive director for property at Grainger, said: “Not only do we need to build many more homes, but we need to make sure renters get a better deal. As a business that has been around since 1912, we want to see a rental market that provides long-term options as well as good value for money and customer service. By supporting ‘build to rent’, the future British government can encourage companies like ourselves to help increase housing supply and improve standards of living in the rental market.”
