The UK property market has been in crisis for some time due to soaring prices and an extreme shortage of affordable housing. This has driven many people off the market without being able to find affordable homes. The situation is especially dire in London and the South East, where prices are highest.
One solution to this crisis is the build-to-rent (BTR) model. BTR properties are designed specifically for the rental market, not for sale. This allows developers to focus on providing high-quality, affordable housing for renters, rather than trying to maximise profits by selling properties at inflated prices. One of the key advantages of BTR properties is that they are built to a high standard, with modern amenities and energy-efficient features.
This is because developers are looking to attract long-term tenants, and so must provide a high level of comfort and convenience. Additionally, BTR properties often come with a range of communal facilities, such as gyms, swimming pools, and communal gardens, which can be enjoyed by all residents.
Another advantage of build to rent properties is that they offer more stability and security than traditional rental properties. Tenants are often able to stay in their homes for several years, rather than having to move frequently. This is because landlords are looking for long-term tenants, and so are less likely to raise rents or evict tenants. Additionally, BTR properties are often managed by professional property management companies, which can provide a higher level of customer service and support than individual landlords.
BTR properties also offer an alternative to the traditional buy-to-let model, which has been criticised for driving up property prices and making it harder for first-time buyers to get on the property ladder. Unlike buy-to-let properties, BTR properties are not purchased as an investment, but as a place to live. This means that developers are not motivated by profit, and so are more likely to provide affordable housing.
Despite these advantages, BTR properties are still relatively rare in the UK. This is partly due to the lack of funding available for BTR developments, as banks and other lenders are often reluctant to invest in the sector. Additionally, there are a lack of tax incentives for BTR developments and the planning system does not always support BTR developments. To address this, the government should consider providing more funding and tax incentives for build to rent developments, as well as making changes to the planning system to make it easier for developers to build Build to rent properties. This will increase the number of available BTR properties and help people find affordable housing more easily.
Built-in homes can help solve the UK housing crisis by providing renters with high-quality, affordable housing. These properties are built to high standards, offer more stability and security than traditional rental properties, and offer a more sustainable alternative to the buy-and-lease model. However, to actually get out of the crisis, more government support and funding is needed to encourage the construction of more BTR facilities.
Kosy Living Limited
12 Hay Hill, London W1J 8NR
020 3992 8898