build-to-rent
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Latest property news
Build to Rent landlord takes deposits and rent in Bitcoin
A co-living housing development in London says tenants can now pay their £500 deposit using the controversial crypto-currency Bitcoin and will also be able to use it to pay their rent later on this year. This will make The Collective, which is an 11-storey 550-unit development in North Acton, the first in the UK to enable tenants to make payments with Bitcoin. Launched in 2009, Bitcoin was the world’s first digital currency and works without a central administrator or ‘bank’. Instead, those using the currency download software onto their computers and then use the currency to buy products or services ‘peer-to-peer’ with other users. The currency enables money to be moved around the world undetected by central banking or tax authorities and has therefore faced allegations of misuse, including by organised crime, cyber hackers and tax evaders. Bitcoin Build to Rent The currency has been chosen by The Collective at its recently-completed Build to Rent development called Old Oak because, it says, Bitcoin is the payment platform of choice among many of its overseas tenants. Old Oak charges on average £1,083 a month for a small ‘twodio’ one-bedroom apartment (pictured, below) for a couple which includes a private bathroom but…
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Land & New Homes
Essential Living wins RIBA award
A new report by Knight Frank says that institutional funding for the UK’s build to rent market is expected to climb from £25bn in 2016 to £70bn by 2022.
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Features
The Uber effect
Build to Rent specialist Moda Living has a forged a new partnership with the trendy money saving taxi firm, says Paul Staley. What can we learn from it?
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Features
What does Build to Rent mean for letting agents?
Build to Rent encourages developers to become landlords. How, says David Hadden, Head of EndsleighLet, will that affect letting agents?
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Latest property news
Build-to-Rent investment set to triple by 2021
Nearly a quarter of all the UK population will be living in rented accommodation in just five years’ time according to Knight Frank, driven largely by a huge expansion in build-to-rent (BTR). Investment by the City in BTR is set to rise to £70 billion by 2021, the report reckons, up from the current £25 billion. Some 65% of this money is being and will be spent in London, Knight Frank discovered after interviewing the key 26 investors in BTR. “The strength of the UK PRS sector has grown demonstrably in recent years. As consumer demand for affordable, flexible accommodation continues to rise, PRS is firmly establishing itself as a key opportunity for institutional grade investment, due to its long-term potential,” James Mannix, Head of Residential Capital Markets at Knight Frank Knight Frank’s report also reveals that 68% of renters expect to be renting in three years’ time rather than moving on to the property ladder, helping increase the number of private renters to 5.79 million. Current trends Other trends driving this, it says, include the costs of Stamp Duty when buying a property, the needs of young professions to be more mobile as they move around the UK with…
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Latest property news
L&G lays into agents as its first build-to-rent development opens
Legal and General (L&G) has opened its first build-to-rent (BTR) scheme in the UK at a site overlooking the River Irwell in Salford, Manchester (pictured, right) where tenants will pay no moving in fees and a significantly-reduced deposit compared to traditional lets. The insurer, which is one of the UK’s best-known financial firms, set itself directly in competition with traditional letting agents and property managers at the launch. “For too long renters have found themselves at the mercy of expensive moving fees, unresponsive managers, and private landlords who often want to minimise upkeep costs and maximise rents,” says Dan Batterton, BTR Fund Manager at LGIM Real Assets (pictured, left). The Salford BTR development, called the Slate Yard, officially opened today and the first tenants are due to move in later this week, where L&G claims they will enjoy a lifestyle that many home owners would struggle to achieve. Build-to-rent As well as a fee-free move into the property and a low deposit, the building is served by a 24-7 on-site maintenance and management team, has free WIFI and free membership of a car club. L&G says these benefits will save tenants approximately £150 a month. Electricity and heating for the building…
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Latest property news
Large London landlord scraps tenant deposits
A London Build to Rent landlord which owns the former Olympic athlete’s village in London is to stop asking for tenant deposits. Get Living London, which is also due to open a site in Glasgow and rents out approximately 1,500 homes at its East Village London site (pictured, right) says its tenants will no longer have to pay any deposit. Tenants can also sign up for a more secure three-year tenancy and already do not have to pay any fees at any point in their tenancy. “Where we have led – with no fees and longer tenancies – others have followed. We hope deposit-free renting becomes the norm,” says Get Living London CEO Neil Young (pictured, left). The company has also scrapped any fees and tenants are able to break their tenancy agreement after six months without penalty. But tenants do pay interest at 4% on any overdue rent and must also pay for the apartment to be cleaned when they move out, its sample contract says. Also, the deposit-free deal is only available to tenants who pass referencing, the cost of which is paid by Get Living London. Get Living London is also to return existing tenant deposits, worth…
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Latest property news
SDL doubles its B2R output
SDL Group is set to double its Build to Rent (B2R) business over the next 18 months...
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Features
Is Buy to Rent really the future of the rental sector?
Home ownership is stagnant, as more people now rent their homes. Paul Staley, Director, Private Rental Sector at SDL Group, looks at future housing options.
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Latest property news
Build to Rent scheme gets green light
Bristol City Council has approved a 255 unit Build to Rent (BTR) scheme, ‘ND7’, in Bristol city centre...
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