Key points –
- Housing Minister Lee Rowley publicly endorsed the Build To Rent (BTR) scheme, highlighting its crucial role in alleviating the UK’s housing shortages.
- Rowley emphasised the importance of balancing government regulation with a growth-oriented approach to house building, stressing the need for both quality and quantity in housing.
- Challenges in London’s BTR sector were identified, notably the inconsistent planning policies across boroughs and the concentration of developments in a few areas.
Housing Minister Lee Rowley has publicly endorsed Build To Rent (BTR) schemes. This support was voiced at the first-ever Build To Rent Innovators conference, an event jointly organised by the National House Building Council and the British Property Federation.
A Strong Advocate for BTR
Lee Rowley, the newly appointed housing minister, took a firm stance at the conference, attended by over 100 developers, investors, and operators. He emphasised the vital role of BTR in addressing the UK’s housing shortages. His speech didn’t just focus on the quantity of housing; quality was also a key topic. Rowley urged for high-quality residential development across all sectors, showing his backing for diverse routes to achieving top-standard homes.
The Balancing Act of Government Regulation
Rowley also delved into the government’s role in this arena. He discussed the delicate balance between regulation and promoting growth and development in house building. This approach underscores the government’s commitment to both quantity and quality in housing.
Industry Insights and Challenges
The conference wasn’t just a platform for the minister. Other notable speakers included representatives from Savills and BTR operators like Sigma Capital, Socius, and Related Argent. Each brought unique insights into the evolving BTR landscape.
Niki Kyriacou, a spokesperson for NHBC, highlighted BTR’s growing profile in the UK property market. Despite facing challenges like regulatory pressures and rising borrowing costs, the sector continues to expand and succeed.
Ian Fletcher of the British Property Federation praised the innovation within the BTR sector. He noted its commitment to improving the private rented sector, its focus on placemaking and social value, and its customer satisfaction rates.
The London Challenge
However, it’s not all smooth sailing. A recent report pointed out significant hurdles for BTR in London. This report, by Lichfields, a national consultancy, criticised the inconsistency in planning policies across London boroughs. It found that nearly half of the local planning authorities in London don’t include BTR in their plans. Furthermore, a significant portion of bespoke BTR developments is concentrated in just four boroughs: Brent, Newham, Ealing, and Enfield.
Conclusion
Rowley’s support for BTR marks a significant moment for the UK’s housing sector. It showcases a governmental understanding of the complexities and necessities in housing development. While challenges remain, particularly in harmonising policies across various regions, the overall tone is one of optimism and progress.