More Build to Rent units completed in London during 2016 than ever before - more than in 2015 and 2014 put together. Furthermore the number of BTR units under construction at the end of 2016 almost matches the record set in 2015.
However, the word almost is telling because, whichever way you look at it, the amount of fresh development stock entering the BTR pipeline fell markedly in 2016. So, it would seem that the sector has yet to escape the trajectory of London’s wider development industry, which has seen significant falls in both construction starts and sales.
- 3,600 BTR units started in 2016. This is less than half the 7,800 BTR starts in 2015, but is almost equal to the total number of starts in the years 2012 to 2014 put together.
- 46% of the starts in 2015 were in GPDO schemes compared to just 17% in 2016.
- At the end of 2016 there were 9,100 BTR units under construction across London, which is 15% of all private housebuilding and maintains the record set at the end of 2015.
- Private new home sales across London effectively flat lined from 2013 to 2015 if BTR activity is excluded from the picture.
- During this time BTR sales grew five-fold and accounted for just over a quarter of sales in 2015.
- However, BTR has not been able to save the day in 2016 - total sales fell by 22% over the year and the BTR component fell by 27%.
- 3,900 BTR units completed in 2016. This equates to 42 % of all BTR completions since 2009 and is more than double the 1,800 units that completed in 2014 - the previous record year.
- At the end of 2016 there were 9,200 completed BTR units in 117 developments across London.
- GPDO schemes account for a third of all BTR units completed since 2009.