Managing Build to Rent homes is emerging as the sector’s fastest growing commercial opportunity in 2020. So FirstPort has created a new Director role for their Build to Rent division.
The appointed, Lee Richards joined FirstPort in July 2018 as Head of Property Standards and took the opportunity to become the Director for Build to Rent.
“There are numerous well documented barriers to new property ownership currently in the UK. Low mortgage multiples available for average earners, deposit sizes required, and rising property prices have all contributed to the rise in the age of first-time buyers to 33 in the UK, and 37 in London.
“The demand for good quality rental property has never been greater as the private rental sector expands to accommodate changing trends, with Build to Rent being at the forefront of this growth.”Lee Richards, Director – Build to Rent, FirstPort
Before joining FirstPort, Lee was managing director of a national property lettings business where he managed large portfolios for clients such as the Ministry of Defence and Serco.
“There are currently some 40,000 occupiers of homes that were specifically Build to Rent in the UK. But there are another 100,000 currently under construction or in the planning pipeline. Lee’s appointment is part of our strategy to be the property manager of choice for these large-scale institutional investments.”Martin King, Director of Business Development, FirstPort