Wise Living targets 500+ BTR homes in the South West

Wise Living sets a target to deliver over 500 new Build to Rent homes in the South West in the next three years.

Moreton Hall development from Wise Living who are targeting 500+ homes in the South West | BTR News
Moreton Hall development from Wise Living who are targeting 500+ new homes in the South West | BTR News

Build to Rent provider, Wise Living, has set a target of securing over 500 Build to Rent homes in the South West in the next 3 years – as it continues to expand its growing developer partner network in the UK. 

The Build to Rent sector is booming in the UK. Investment topped £2bn in the first half of 2021 and almost £420m was invested into the UK market during Q3 2021. The South West is one of the regions that is seeing serious rental growth. 

In Savills’ Q3 2021 market update, Bristol’s rental growth since March 2020 came second only to Sheffield, with a 7% rise. Its three-month rental growth forecast is roughly in line with Leeds and Glasgow at 2.9% and ahead of Liverpool and Manchester.

The rental growth documented in the report indicates the opportunity for Build to Rent developers in the South West. Katie Stamper, Partnerships Manager at Wise Living, who looks after developer partnerships and opportunities for the Build to Rent provider in the South West, believes there is an under supply of good quality single family homes to rent in the region.

“The Build to Rent market continues to soar across the UK and there is a real growth opportunity in the South West. Right now, we are seeing an increasing number of Build to Rent flats being built in central locations such as Bristol and Exeter. These generally cater to young professionals and students who are attracted to high rise living and city centre locations.

“Conversely, there is a real undersupply in the region of single-family homes to rent in suburban areas and towns. We know that the pandemic has increased people’s ability to work remotely, and as such, many people have reevaluated the way they want to live. Our own research of 1,000 renters in the UK showed that 45% now prioritise living near green spaces. We have also seen a rise in demand for the smaller cities, with the Savills Q3 Build to Rent update finding that many London relocators are moving to areas like Bristol which are less densely populated and more affordable. 

“So that really shows the opportunity. At the moment anyone searching for new build family homes to rent in Bristol and other popular South West locations will find they are facing stiff competition.”

Katie Stamper, Partnerships Manager, Wise Living

Wise Living currently has ten active Build to Rent developments in the UK – in Coventry, Wolverhampton, Boston, Nottingham, Rotherham and Telford. It specialises in working with developer partners including Strata, Lovell, Seagate Homes and Keon Homes to bring Build to Rent developments to suburban locations of cities and large towns where there is a clear under supply of quality rental homes. 

Katie says that is why Wise Living is stepping up to the challenge of providing Build to Rent homes in the South West.

“We have a strong track record of success and have developed some fantastic schemes with our house builder partners in the Midlands and the North. We’re now bringing our model down to the South West where we have plans to develop hundreds of quality rental homes to meet demand across the region. 

“We have seen a growing interest from house builders and developers to tap into the Build to Rent market to increase their revenue and de-risk sites. We are looking forward to working with partners in the South West to meet our ambitious targets and provide quality homes for rent in the region.

Katie Stamper, Partnerships Manager, Wise Living