The British Property Federation (BPF) and the Association for Rental Living (ARL) have joined forces to create a BTR Alliance to address the delivery challenges facing the build-to-rent (BTR) sector.
The formation of the alliance comes at a time when the latest figures show the delivery of BTR homes slowing across every region of the UK with policy and regulatory issues making it increasingly difficult to progress new schemes.
The alliance seeks to bring together a representative group of companies and organisations with a vested interest in the continuing success of BTR as a highly investable asset class.
Its initial focus will be advocating for the policy and regulatory changes needed to improve investor confidence and tackle current viability and delivery challenges, and improving the consumer experience and perception of BTR. This will be achieved through the adoption of a new consumer code.
Melanie Leech, chief executive of the BPF, said: “The formation of the BTR Alliance comes at a critical time for the build-to-rent sector. Build-to-rent has been the major success story of housing delivery over the last decade but is under increasing pressure from a combination of economic and policy factors. This is now the sixth consecutive quarter where completions have outpaced starts and the number of schemes in planning has fallen.
“It is now clear that planning reform is not enough, and we need to see real action to address viability challenges and allow the sector to reach its full potential. A key focus of the alliance will be to elevate awareness of the importance of the sector with policymakers and ensure that policy and regulatory conditions facilitate delivery of much-needed build-to-rent home.”
Brendan Geraghty, chief executive of ARL, added: “The creation of the new alliance comes at a pivotal time for the build-to-rent sector. Against a backdrop of increased delivery challenges the need to speak with one sector voice has never been more paramount. But nor has the need to ensure that the benefits of BTR are conveyed far and wide, including how it can act as a catalyst for town centre renewal and support a growing economy.
“Nor should we forget about our most importance audience, the very people who choose to live in BTR. It is for that reason a central pillar of the alliance’s work will to establish and promote a new consumer code to continue to make BTR for first housing choice for many.”
