Leading trade body, UKAA, which recently launched in Scotland at an event in Glasgow is urging newly elected Scottish Councils to embrace investment in Build to Rent and Co-living – to help address the current housing crisis, addressing nationwide shortages of rental stock and providing additional housing supply to help meet housing targets. The call follows the Scottish councils elections on 5 May.
“Build to Rent and Co-living offer a tremendous opportunity for the thousands of people looking for a good place to rent, as well as councils wanting to revitalise neighbourhoods while solving the housing crisis in their area. Scottish councils are perfectly placed to look to models of living that are already popular across Europe and harness investment from organisations like pension providers to fund affordable, high-quality homes with a long-term value.
“We are witnessing massive demand for a new form of housing because so many people don’t see the traditional housing market as working for them. But the supply just isn’t there to meet the need. Managing rents can’t solve the fundamental issues in the market so it is time to focus on really delivering a supply of sustainable homes in sustainable locations.
“There is an opportunity for newly elected councillors to take the time to really understand and fully embrace Build to Rent and Co-living as having a critical part to play in helping to solve Scotland’s housing crisis, enhancing quality and choice in the private residential sector.”Brendan Geraghty, CEO of the UKAA
In the last three months, data from the Royal Institution of Chartered Surveyors (RICS) showed that demand for rental housing in Scotland had risen by over a third, but supply had dropped by around 5% – leading to an expectation that rents in Scotland will rise faster than in England and Wales.
“Build to Rent and Co-living are delivering high-quality housing, which is desperately needed, and will serve to address increasing demand. Innovative approaches to housing such as this are to be greatly welcomed and will also serve to retain and attract skilled young people to our cities.
“Glasgow City Council’s City Centre Living Strategy, for example, outlines a target to double the city centre’s population to 40,000 over the next 15 years and increasing density in the city centre is essential to its long- term success and sustainability. Build to Rent is a key element in delivering this.”Stuart Patrick, Chief Executive of Glasgow Chamber of Commerce
With 2022 set to be a pivotal year for the Scottish Build to Rent sector, the UKAA and the UKAA Scotland Steering Committee are committed to its success, and are urging new Scottish councils to harness investment in these sectors.
A number of Build to Rent scheme’s have been announced in Scotland, some include Goodstone Living’s plans for its first scheme at the Ocean Drive site in Edinburgh, Soller Group’s scheme in Glasgow, where a Proposal of Application Notice was submitted earlier this year, Osborne+Co and Moda’s acquisition of the Saica packaging factory site in West Edinburgh for a new residential-led masterplan, and Holland Park in Glasgow – Moda’s scheme which secured £80m debt funding to finance construction and stabilisation.
“2022 is set to be a pivotal year in the Build to Rent sector in Scotland with the launch of landmark schemes to the public and long awaited buildings becoming operational.
“The UKAA and the UKAA Scotland Steering Committee are committed to the success of this sector and providing the rented homes that Scotland desperately needs.”Gillian McLees, UKAA Scotland Chair