Build-to-rent takes step to change British property market

Build-to-rent takes step to change British property market

Michael Green has been appointed the first Chief Executive of the build-to-rent-centric UK Apartment Association.

Summary:

  • Build-to-rent association has appointed a new Chief Executive
  • The emergent sector is expected to redefine the UK’s private rented provision and be worth £50 billion in just four years’ time
  • Build-to-rent apartments offer long-term, aspirational tenants accommodation that is more aligned with their lifestyles than old fashioned buy-to-let houses

The rise of build-to-rent continues to gather momentum.

The emergent investment sector is widely viewed as the future of the UK property market, as for the first time ever, homes have been specifically designed for a generation of long-term, aspirational tenants rather than repurposing homes from the buy-to-let sector.

Given its future prominence, the need to regulate the sector and set high standards has resulted in the formation of the government-backed UK Apartment Association (UKAA).

This trade body has just announced that Michael Green has been appointed its first Chief Executive. Green spent 11 years as the Chief Executive of the British Council of Shopping Centres, growing it into a trade body with in excess of 3,000 members.

He said: “My hope for the UKAA is to build a membership organisation that people are proud to be part of and that contributes to the success of this growing sector. I look forward to bringing people from across the industry together and raising the benchmark of service in the sector, resulting in a more professional and efficient marketplace and a better experience for the customers.”

The news follows last week’s announcement that the Association of Residential Letting Agents had admitted its first institutional build-to-rent member – a move symbolic of the wider shift from a UK private rented sector that relies predominately on amateur landlords to a more regulated and professional sector.

Knight Frank has already stated build-to-rent will be worth £50 billion in the next four years, showcasing the phenomenal growth and uptake the sector is set to see in the immediate future.

Manchester is seen as the epicentre of build to rent due to its high demand from a young, professional population and the low supply of existing high-quality rental accommodation. The imbalance is resulting in a need for one new unit every hour.

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