Nearly one third of new housing starts in London over the past five years have been through the Build to Rent sector[1], but what benefits does this modern housing sector bring, and can it help solve London’s housing crisis?
Build to Rent is “accommodation purpose-built for private renting”,[2] and tends to be delivered in large schemes in mid- to high-rise blocks.
Build to Rent rent levels tend to be higher than other Private Rented Sector (PRS) properties. In March 2023 the real estate company JLL reported that the average BtR one-bed in Canary Wharf, Nine Elms and Stratford had rents of between 21% and 38% above local PRS rents.[3]
The Mayor’s Housing Strategy sets out that Build to Rent can:
- “attract new investment into London’s housing market” (e.g. from pension funds);
- “help to maintain delivery across the housing market cycle, because they are less impacted by house price downturns”; and
- “accelerate the pace of housing delivery” on sites because demand is “broader” than the demand for Build for Sale homes.[4]
The London Assembly Housing Committee will meet tomorrow to investigate how the Build to Rent sector is progressing in London, how it could benefit Londoners and if the Mayor is utilising the sector effectively.
The guests are:
Panel 1 (10:00-12:10):
- Tom Copley, Deputy Mayor for Housing and Residential Development
- Vicky Pearlman, Housing Policy Manager – Private Rented Sector, Greater London Authority (GLA)
- John Wacher, Strategic Planning Manager – Viability, GLA
- Rebecca Taylor, Chair, British Property Federation Build to Rent Committee and Managing Director of Multifamily at Long Harbour Ltd
- Lesley Chen Davison, Chief Operating Officer, Telford Homes
- Michael Keaveney, Director of Land & Development, Grainger plc
Panel 2 (12:10-13:00):
- Ben Tate, Head of Property Development – Build to Rent, Transport for London (TfL)
- Michael Keaveney, Director of Land & Development, Grainger plc
The meeting will take place on Tuesday 16 January 2024 from 10am, in The Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.
Media and members of the public are invited to attend.
The meeting can also be viewed LIVE or later via webcast or YouTube.
Follow us @LondonAssembly.
Notes to editors
- JLL, ‘The construction starts fall across London’, 15 November 2023
- Mayor of London, London Housing Strategy, May 2018
- JLL, London BTR: Build-to-rent growth, performance and forecasts for the capital, 1 March 2023
- Mayor of London, London Housing Strategy, 2018
- Read the agenda in full.
- The Lord Bailey of Paddington AM, Chairman of the Housing Committee, is available for interview.
- Find out more about the work of the Housing Committee.
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.
For more information, please contact Tony Smyth in the Assembly Media Office on 07510 488715. For out of hours media enquiries please call 020 7983 4000 and ask for the Assembly duty press officer.