2021 – could it be the year more developers turn to BTR?
An interesting bylined article in Property Investor Today has started a discussion here at Scrivener Tibbatts about what the property trends will be in 2021.
In early December, research has indicated we might expect a surge in Build to Rent (BTR) applications which could see cumulative BTR completions quadruple since 2016.
In a difficult year for the property market, building to rent has continued to prove its resilience and several of our clients are very active in this market, especially here in Wimbledon.
Zah Azeem, Partner at Scrivener Tibbatts says “It’s definitely a growing market. Data from the third quarter of 2020 indicated 37,000 properties under construction and around 84,000 in planning across the UK.
“More established markets like retail are going through a very tough period. The pandemic has only made what was already happening on the high street worse so it’s logical investors might turn their attention to markets when demand for residential accommodation is growing.”
As the article in Property Investor Today goes on to say the trend towards remote working, home offices and access to green space has also meant more and more people want to live away from the crowded town and city centres. Instead, they want to move to the suburbs and to areas where it is quieter.
This trend was highlighted in research by Rightmove, which identified that searches for suburban homes in areas with less than 11,000 people has doubled. Although this was based on open market searches, it’s a clear indicator of where UK families are wanting to live.
If you would like to discuss something related to a valuation please contact Zah via email at email@example.com or call 020 8947 7040.