"New towns are surely needed; however, simple bricks and mortar won’t cut it. These towns need to be future-proofed so they can thrive for decades to come, and the way to do this is through building a sense of community and belonging within its residents"
- Paul Staley - Wise Living
It’s reassuring to see Build to Rent as a substantial part of mixed-tenure schemes that will make up the new towns proposed by the government, some suggesting it could account for a quarter of homes approved and delivered. Doing this will provide people who don’t have the means to get on the property ladder quicker access to high-quality housing, while also acknowledging the growth in people who choose rental as a preferred way to live. And moreover, BTR can dramatically increase the pace of delivery of homes and the creation of places and communities that come from this.
Recognising the role that BTR will play is positive. Yet within that, it’s important not to forget the place of Single-Family Housing (SFH) BTR in these towns, as these also play a significant role in the development of communities.
New towns are surely needed; however, simple bricks and mortar won’t cut it. These towns need to be future-proofed so they can thrive for decades to come, and the way to do this is through building a sense of community and belonging within its residents. This is the difference between a cluster of homes and a town.
That feeling of belonging is one of the most important draws for people when looking for new homes, and so for any new town that is produced, this must be a priority as well. A recent Home Views Build to Rent report even found that a ‘sense of belonging’ was one of the biggest drivers of happiness for renters - this is something the build-to-rent industry does well, especially in single-family developments.
With dedicated tenant meet-up events, shared spaces, well-maintained outdoor areas and professional management to address any problems quickly, single-family developments can help to build these meaningful connections and encourage long-term tenancies that lead to the comfort of neighbours that soon become friends.
With 10,000 properties expected across 12 new towns, I also hope that leaders will realise the opportunity it presents to meet the real needs of people by not forgetting the potential of regional locations when choosing where they will be placed.
I’m pleased to see that Greater Manchester and Nottinghamshire have been identified by industry commentators as potential locations, alongside other areas much closer to the capital city. Savills’ Q3 2024 BTR market update report stated how SFH investor focus has started to shift outside of London in this period, and with tried and tested experience of managing developments in both the North West and Midlands, we can attest to this.
It won’t be enough to build a few hundred homes, a school, and a few restaurants and shops in a select few areas; the new towns need to have life breathed into them through sustained effort and organic growth. This presents an exciting opportunity that SFH could play a significant role in realising if handled by experts who understand how to make the most of this flourishing housing format.
