With demand for homes far exceeding supply and despite the fact that over 80% of UK citizens claim to aspire to home ownership, a large proportion simply cannot afford to make that step, particularly in the South West where a combination of lack of supply and high demand has seen prices increase exponentially. Whilst not the only solution, Build to Rent has a key role to play in providing quality, affordable homes to those that cannot yet make it on to the housing ladder.
Over the past twenty years the number of private renters has grown from 4 million to 11 million, meaning that 1 in 5 people are now renting. Renting has become mainstream, rather than something reserved for students and those requiring a temporary stop gap. Aside from affordability, studies have shown that many rent by choice; choosing flexibility and location over a large mortgage commitment. Rural communities often lack private rented stock resulting in younger generations moving out of communities in order to gain independence.
We are able to blend privately rented homes into our schemes where there is an undersupply of rented homes in the community and are able to offer those tenants with local connections the ability to purchase in the future. In some instances we are able to offer these at a discount to market rent.