Data shows letting times of three to seven days in eight locations, all of which are based around the Midlands and North
In its still relatively short lifespan, Build to Rent has been at its most prominent in London, where the majority of schemes are found.
However, this has started to change in recent years, with other big cities getting in on the act and a growing number of suburban BTR developments launching.
Now the latest BTR data from real estate analytics firm EG has revealed that BTR properties outside of the capital are starting to gather pace.
The data shows letting times of three to seven days in eight locations, all of which are based around the Midlands and North – namely Stalybridge, Greater Manchester, Crewe, Coventry, Heywood, Oldham, St Helens and Wednesbury.
Meanwhile, the EG data also shows that, across the UK as a whole, the average number of days a BTR home remains on the market is 28, in comparison to London and Edinburgh where flats take more than 30 days on average to let.
The major regional cities of Birmingham and Liverpool have witnessed the quickest leasing activity, with the average amount of time on the market being 21 days.
What’s more, the data found that the average monthly rental value for BTR topped £1,786 across the UK – something that will do little to dissuade the popular notion that BTR is exclusive and elitist.
Anna Reed, data director at EG, said of the latest BTR data: For investors and property developers it’s clear from our latest data that the greatest opportunity lies outside of London. With 38,000 BTR properties built in the last year – equating to an annual investment of £4.7 billion – the BTR market is maturing and those looking to invest in BTR should be looking to the Midlands and North rather than capital cities for the quickest letting times.
She added: The continued growth and investment in the BTR market is also an indicator of a broader trend we’re seeing in commercial real estate around a transition away from traditional properties toward living assets, where people are being put at the heart of the sector. Not only does this help future-proof investments, but it also provides an opportunity for the commercial real estate sector to play a crucial role in tackling the UK’s housing shortage.
