Wood For Good produces new video on Build to Rent and Future of Housing
According to the British Property Federation, there are now almost 120,000 Build to Rent units already built, under construction or in planning across the UK; a 30% increase over the last year.
Christiane Lellig, campaign director at Wood for Good said: “Build to Rent is becoming increasingly important in the UK housing market. We teamed up with Build to Rent consultancy LIV Consult and property consultancy Gardiner & Theobald to highlight the growing importance of this sector, to examine some of the opportunities and challenges of this market and also to show how the timber industry can play a central role.”
Oliver Booth, partner at property consultancy Gardiner & Theobald, said: “The need for Build to Rent has never been more important. The bottom line is we have an availability of housing crisis in the UK and there are many brave organisations, corporations and institutions stepping up to try and fix that.”
Build to Rent developers and investors are in the market for the long haul; choosing higher-end materials such as engineered timber, both within the building’s fabric and the fit and finish that will stand the test of time.
Designing for efficiency and specifications that will last long term is a distinct separation from the traditional build for sale market, where cheaper materials and finishes are frequently specified to maximise profits for the developer.
Commenting on the unique nature of the Build to Rent market, Ashley Perry, Build to Rent consultancy director at LIV Consult, said: “The Build to Rent market is unique because of its focus on resident experience and efficiency through design, operations and overall long-term use.
“Designers and developers have to understand how efficiently the building can operate as that will drive long term income and capital growth for investors.”
Highlighting the pivotal role the timber industry can play, Oliver Booth said: “A major benefit of engineered timber is that it’s fast to construct and that’s good for the Build to Rent model because we need to build quickly.
“In addition, organisations want to use timber because it’s such a sustainable product. Those materials that are made and can be disposed of in a sustainable way and that contribute to people’s health and wellbeing, will have a competitive advantage over those that don’t.”
Typically, Build to Rent schemes target young professionals, students and downsizers who buy into the lifestyle and convenience of well-built properties with a superior fit and finish, and are close to local amenities.