{"id":120978,"date":"2023-02-09T11:28:37","date_gmt":"2023-02-09T11:28:37","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=120978"},"modified":"2023-02-09T13:27:45","modified_gmt":"2023-02-09T13:27:45","slug":"labour-shortage-inflation-slowing-build-to-rent-growth","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/labour-shortage-inflation-slowing-build-to-rent-growth\/120978\/","title":{"rendered":"Labour shortage and inflation slowing build-to-rent growth"},"content":{"rendered":"

Analysis from the BPF indicates inflation is responsible for the slowing of build-to-rent growth at the end of the fourth quarter in 2022<\/h2>\n
\n
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The British Property Federation (BPF) Q4 analysis<\/a> indicates economic challenges such as the skills shortage and inflation are slowing build-to-rent, as the sector only expanded by 14% in 2022, compared to a historical average of 28%.<\/div>\n
<\/div>\n<\/div>\n
The analysis, conducted at the end of the fourth quarter in collaboration with Savills, shows a slowdown in the growth of the sector, with the total number of BTR homes in planning, under construction or completed rising<\/a> from 212,916 to 242,548.<\/div>\n<\/div>\n
<\/div>\n
The sector has\u00a0increased by an average of 28% per year since 2017.<\/div>\n

Despite the slowdown, the sector remains active<\/h3>\n
\n

A year-on-year slowdown in BtR construction was pronounced in Q4, with build cost inflation, labour shortages and wider economic uncertainty<\/a> meaning that construction starts were 24% lower than in the same period in 2021 (15,600 in 2022; 20,400 in 2021).<\/p>\n<\/div>\n

Despite the current challenges, the BtR pipeline remains robust with 113,379 units in planning, up 14% year-on-year, and the regions set to see a significant increase in activity with a 17% annual increase in units in planning.<\/p>\n

The expansion of the BtR sector is further evidenced by the fact that 180 local authorities now have completed BtR homes, or units in the pipeline, up 29% on Q4 2021.<\/p>\n

\n

BTR should be supported to help reach housing targets<\/h3>\n

Ian Fletcher, director of policy at the British Property Federation, comments: \u201cThe Build-to-Rent market had continued to grow over the past twelve months, but we are seeing a slowdown in activity as inflation, and an uncertain economic backdrop<\/a> makes it more difficult to deliver.<\/p>\n

\u201cIn the long-term, we expect the sector to continue to expand as a vital component of overall housing delivery, but Government must be careful not to stymie its progress. The watering down of national housebuilding targets may mean there is less urgency around allocating land for residential development, and there is already evidence that the rent cap introduced in Scotland, and being debated in Bristol, is deterring investment. The BtR sector has a major role to play in urban regeneration and levelling up and we cannot take its success for granted.\u201d<\/p>\n

BTR could be a safer alternative for investors and developers<\/h3>\n

Guy Whittaker, associate at Savills, added: \u201cInvestment appetite for Build-to-Rent was resilient in 2022 and resulted in \u00a34.3bn of investment, a fourth consecutive record-breaking year. That said, it is clear that the sector is not immune to headwinds facing the construction industry, as shown by a Q4 slowdown in starts and completions.<\/p>\n

With weaker home buyer demand, residential development activity is likely to be subdued in 2023. Build-to-Rent can offer an alternative exit strategy for developers looking to maintain sales rates and de-risk their pipelines.\u00a0 The BtR sector can therefore play a key role in maintaining construction output and support housing delivery nationwide.\u201d<\/p>\n<\/div>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Analysis from the BPF indicates inflation is responsible for the slowing of build-to-rent growth in the end of the fourth quarter in 2022.<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[830,908,656,660],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-120978","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-build-to-rent","8":"tag-economy","9":"tag-housing","10":"tag-skills-shortage"},"acf":[],"yoast_head":"\nLabour shortage and inflation slowing build-to-rent growth<\/title>\n<meta name=\"description\" content=\"Analysis from the BPF indicates inflation is 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