Not one London MP would prioritise build-to-rent properties
Not one London MP would prioritise build-to-rent properties (BTR) in terms of housing options in their constituency. This is despite the fact that almost half of BTR properties are located in London.
Only 11 per cent of MPs across both main constituencies would prioritise BTR, with BTR ranking seventh out of eight housing options, according to a new report by Cavendish Consulting and YouGov.
Instead, 63 per cent of Conservative MPs would prioritise private sale housing, with Labour MPs more likely to prioritise council housing and social rent homes.
Over a third of MPs answered “I don’t know” when asked if they would support or oppose new BTR properties coming to their constituencies.
With the average two-year fixed mortgage rate remaining above six per cent, many people are facing rapidly increasing rent prices. Rightmove revealed in July that the mean London rent price has risen to £2627 per month, up 12 per cent from last year.
When asked what they believed the average income of a BTR property to be, a quarter of MPs reportedly answered incorrectly, with a further 16 per cent answering “I don’t know”. The most common income band of a BTR property is between £26,000 and £38,000.
“Our research shows there is clearly a lack of prioritising the development of BTR homes at a national level,” said Max Camplin, executive director of Cavendish. “Every day there are stories emerging from the private rented sector – where people are paying expensive rent for a property that doesn’t meet their needs… Compared to some of the rental market which can be poor quality and sometimes badly managed, BTR provides good quality, safe, and sustainable rented homes to suit a wide range of income levels.”
A lack of knowledge of BTR has been identified as a key challenge to the housing sector.