BUILD TO RENT Lessons for Australia from the UK

July 2020

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Contents

03 Introduction

05 Definition

06 How we got here

12 Ongoing challenges

14 Conclusion

15 References Wembley Park, Wembley

Introduction

This report details the development of the Build to Rent (BTR) sector in the . It aims to provide relevant insight to help shape the sector- related policy discussions currently taking place in Australia, both at state and federal level.

In doing so, the report draws on literature and Whilst the UK sector has yet to achieve the same available statistics that show how the sector has level of market penetration as its equivalent developed in the UK. in the United States, it is further ahead in its

development than the Australian sector. In Since June 2014, there has been a boom in terms of its definition and market penetration investment and in the number of units that have it is generally thought that the UK BTR sector is either been completed or sit within the delivery roughly five years ahead of Australia. Increasingly pipeline. In June 2019, research by Savills, Molior we are seeing attempts to get BTR schemes off and the British Property Federation showed the ground in Sydney and Melbourne. In line that the number of BTR units completed or in with this, we are seeing growing media coverage development had increased seven-fold to over featuring BTR related stories, with the Australian 140,000 since the previous period.1 Financial Review and The Australian carrying 53 Most of these pipeline projects are based and 62 articles respectively.4

in , where it is forecasted around 40 With the BTR sector coming under increasing per cent of people will be renting by 2025.2 scrutiny, it will be necessary for leaders to turn The vast majority of rental stock in London is to policy to ensure the sector is regulated. currently held by small scale, amateur landlords, This paper provides an account of how BTR a situation policy makers have become has developed in the UK, including policy and uncomfortable with, necessitating policy market developments, and outlines the ongoing changes which have triggered the recent boom

challenges faced by the sector. in BTR stock.

Originally written for Coronation More recent figures from the National House Developments in 2019, this report has been Building Council indicate that there has been a updated to take into account the latest particularly large surge in BTR construction over market trends since the start of 2020, in the past year or so, with a strong acceleration addition to the implications arising from the in the number of BTR flats completed in 2019, COVID-19 pandemic. increasing by 57% compared to 2018.3

BUILD TO RENT: LESSONS FOR AUSTRALIA FROM THE UK 3 BTR “allows property investors to achieve long-term investment returns, while providing renters with more options and better quality in the locations in which they invest”

AN EMERGING ASSET CLASS: BUILD TO RENT IN THE UK

Definition

As BTR has developed in the UK, policy makers have increasingly worked to define it as a distinct asset class.

The next year, the Mayor of London released the Mayor’s Draft London Plan, a strategic plan that sets an economic, transport and social framework for the capital’s development. Published in July 2019, it goes much further towards a definition by providing a series of criteria a development must meet to be classified as BTR. This criteria includes:

• The development must be larger than 50 units • It should be held as Build to Rent, under a covenant, for at least 15 years • Longer tenancies of more than three years are available to all tenants • Unified ownership of the building for both private and affordable elements Equipment Works, Walthamstow • On-site management with systems for prompt issue resolution and daily The concept of Private Rented Sector (PRS) on-site presence.6 accommodation has been well established Bidwells, one of the UK’s leading property and covers a wide range of rented property, consultancies provides a simpler definition from the private buy-to-let landlord, right up which suggests “[b]uild to rent is a term used to landlords who have portfolios of properties to describe private rented residential property, in the thousands. which is designed for rent instead of for sale… In 2018, the UK Government published a revision These developments are typically owned by of the National Planning Policy Framework companies (such as property companies or (NPPF), which sets out planning policy for pension or insurance investment companies), England. The revision included a definition of and let directly or through an agent”.7 Under this BTR for the first time, which is classified as: model, BTR “allows property investors to achieve “Purpose built housing that is typically 100% long-term investment returns, while providing rented out. It can form part of a wider multi- renters with more options and better quality in 8 tenure development comprising either flats or the locations in which they invest.” houses but should be on the same site and/ For the purposes of this report, we lean on the or contiguous with the main development. definitions outlined in the NPPF and the draft Schemes will usually offer longer tenancy London Plan, to determine BTR developments agreements of three years or more and will in the UK planning system. These definitions typically be professionally managed stock in distinguish BTR from the wider PRS, which is 5 single ownership and management control.” not the focus of this report, but provides some context for the establishment of BTR developments.

BUILD TO RENT: LESSONS FOR AUSTRALIA FROM THE UK 5 v

How we got here

The British Property Federation has documented the rise of the PRS from the early 1930s, showing that private renting constituted the majority of tenures in the UK until after WWII.9

In the late 1950s, the balance flipped with “We believe in popular capitalism – believe in owner-occupiers increasing and the number a property-owning democracy. And it works… of rentals decreasing in line with an The great political reform of the last century was to enable more and more people to uncompetitive market. have a vote. Now the great Tory reform of this Owing to several policy interventions made by century is to enable more and more people to the Thatcher-led Government between 1979 – own property.”10 1990, there was significant acceleration in the For decades, this quote summarised British number of owner-occupiers. sentiment towards home ownership, which at its At the 1986 Conservative Party Conference, peak in the late 1990s, constituted almost 70 per the then Prime Minister was quoted as saying: cent of the housing mix.11

OWNER OCCUPIED PRIVATE RENTED SOCIAL RENTED

80%

70%

60%

50%

40%

30%

20%

10% PROPORTION OF HOUSING IN ENGLAND PROPORTION

0% 1931 1951 1971 2011 1991 1935 1955 1975 1939 2015 1963 1995 1959 1967 1979 1983 1947 2019 1943 1999 1987 2003 2007

Post war - large rented Growth of home Credit crisis and change sector tied to housing ownership through in market perception. workers. Growth of Right to Buy (RTB) and Restricted mortgages home ownership MIRAS from 1970s and deposit affordability

Figure 1: Long Term Tenure Trends in England12

engage. communicate. BUILD TO RENT: LESSONS FOR AUSTRALIA FROM THE UK 6 facilitate. The policy framework established by the UK Government in the 1980s and 1990s provided the right conditions for home ownership to increase.

Flagship measures like the “Right to Buy” political parties and acted as a policy faultline for policy, which allowed council housing tenants the subsequent five years. to buy their properties at highly discounted Given this context, the Government’s Spending prices, saw home ownership rise to the Review, presented to the House of Commons in highest level ever seen in the country. October 2010, focused heavily on carrying out This trend continued until the early 21st century “Britain’s unavoidable deficit reduction plan” when a combination of rapid house price which aimed to eliminate Britain’s structural inflation, which outstripped wage growth, and current deficit by 2014-15.14 both fiscal and planning policy measures from The document was light on detail in respect of the UK Government resulted in the growth in planning and housing policy but did include the PRS market, and later the BTR sector. In a programme to deliver up to 150,000 new 2011 and 2012, PRS overtook social housing to affordable homes, accompanied by major become England’s second largest tenure type reforms (including changes to the planning and the level of owner-occupied stock within the system which later came to fruition in the UK housing mix fell below 60 per cent for the National Planning Policy Framework, 2012).15 The first time since the early 1980s.13 Review also introduced a New Homes Bonus to The following section seeks to unpack this 21st support economic growth and housing supply. century trend by outlining key fiscal policy Through the New Homes Bonus scheme, initiatives and market interventions which central government provided grants to local help to explain the growth in the PRS and BTR councils to incentivise housing growth in their markets in the UK. It will cover the period from area. Grants were based on the amount of 2010 to the current day, as this coincides with extra revenue Council Tax raised for new-build the establishment and rise of the BTR sector homes, conversions and long-term empty across the country. homes brought back into use, as well as an extra Fiscal Policy Initiatives payment for providing affordable homes. Whilst not explicitly related to the development HM Treasury Review, 2010 of the PRS or BTR sectors, through the New In May 2010, David Cameron and Nick Clegg Homes Bonus the government established formed the first Coalition Government in the an appetite for small interventions in the UK since the Second World War, following an marketplace, through public subsidy, election campaign that focused largely on the which would then provide the model for economy. The UK’s burgeoning budget deficit, later policy work. as opposed to housing supply, dominated the debates and election campaigns of the major

BUILD TO RENT: LESSONS FOR AUSTRALIA FROM THE UK 7 Ian Fletcher, Director of Policy at the BPF, which had long campaigned for the change, commented on the importance of the stamp duty reforms for residential portfolios:

“It will provide an important boost for the private rented sector and we hope will tip the balance in encouraging institutional funds into building homes. Using the average price is fairer and a welcome measure of support for those in need of rented housing.”19

The reforms were similarly welcomed by property agents, including CBRE who forecasted the new rules could stimulate £7.5billion in new investment.20

Buy-to-let tax changes

Broad Street Tower, Former UK Chancellor of the Exchequer, George Osborne, introduced a series of tax changes that looked as if they were actively designed Stamp Duty Land Tax (SDLT) Bulk Purchase to discourage individuals from purchasing Rules, 2011 property for buy-to-let purposes. According Following the publication of the spending to trade association UK Finance, the number review in October 2010, the then Chancellor of of buy-to-let mortgages decreased from the the Exchequer, George Osborne, delivered his 183,000 from the peak in 2007, down to below first budget in March 2011, which was welcomed 70,000 In 2018.21 by the British Property Federation (BPF) as a Two policy shifts help to explain this decrease. ‘budget for property’.16 The first came in 2015, when the Government Among the changes, Bulk Purchase Rules were announced it would add an extra 3 per cent applied to stamp duty taxes, allowing relief to stamp duty charge on individuals buying a be claimed for purchases of multiple residential property that was not their main home. The properties. This change meant that the stamp measure came into effect in April 2016 but duty charge on a portfolio of residential is now among a number of policy changes properties would be charged on the average rumoured to be being considered by Boris rather than aggregate price of all owned Johnson’s administration.22 properties, at a forecast cost of £560 million A further change to the UK tax system also over five years. The new rule was designed to impacted the profits enjoyed by buy-to-let create more demand and reduce obstacles landlords. The UK tax system had previously for property investment by pension funds and allowed landlords to deduct the mortgage other institutional investors.17 According to interest payments from rental income before reports, large institutions such as Aviva and it was taxed but in a further act as Chancellor Legal & General were already looking at the of the Exchequer, George Osborne introduced sector, and the Chief Economist of the Royal a policy to eradicate this tax relief over the Institution of Chartered Surveyors was quoted as course of a four-year period. This immediately saying the changes would “provide a revolution disincentivised small scale buy-to-let investors in how rented homes are supplied”.18 who found it increasingly difficult to make a return on investment.

BUILD TO RENT: LESSONS FOR AUSTRALIA FROM THE UK 8 In 2015, Osborne’s administration also Friends Provident, and the report became introduced unfavourable changes to the rate at commonly known as the Montague Review. which a landlord could offset maintenance Prompted by the Cameron Government’s desire costs against their income tax bill and new to increase the stalling rates of housebuilding measures around empty property rates in the UK, the document contained five that contributed to an increasingly hostile recommendations for the National and Local environment for private landlords. Government to increase institutional investment into private rented accommodation. To a large degree, this resulted in an exodus from the traditional buy-to-let model with The recommendations included a call for: investors seeking better returns elsewhere. BTR • Local authorities to better use existing and new REIT models offered one such avenue planning tools to encourage supply for alternate investment. • The Government to release public sector land for institutional investment, specifically in Market Intervention London and Greater London Housing Stimulus Package, 2010 • The Government to provide targeted incentives to speed up the emergence of new In 2010, the Government announced the business models Housing Stimulus Package which supported the building of new homes and reduced existing • A dedicated Task Force to identify pilot burdens on developers to attract investment.23 projects and promote a standardisation of the institutional investment process Specifically, the package removed unnecessary • Voluntary standards for the quality and red tape across the planning system, freeing sustainability of buildings delivered through previously stalled developments, and acted on institutional investment.25 the Montague Review’s recommendation by announcing an additional 5,000 new BTR homes In additions to these recommendations, the to be offered at market rates in the PRS. Montague Review also outlined actions which could be taken to lessen the perceived weakness These developments saw rise to increasing of PRS investments, including long term rents, investment in the PRS, and in 2012, the UK’s better tenant services and purpose-built first institutionally backed, PRS-only developer accommodation of a high standard. was established – Essential Living.24 Essential Living saw developments through from the pre-planning to post-construction phase and provided ongoing support to investors and tenants, organising the leasing, management and operations once complete. Today, Essential Living continues to thrive, delivering private rental homes across the UK.

Montague Review 2012 In August 2012, the then Department for Communities and Local Government (DCLG) conducted a review into the barriers to institutional investment in private rented homes. The report was authored by Sir Adrian Montague, then chairman of insurance company

Broad Street Tower, Birmingham

BUILD TO RENT: LESSONS FOR AUSTRALIA FROM THE UK 9 BTR Fund, 2012 PRS Task Force, 2012 Another recommendation from the Montague In 2012, a PRS taskforce was formed to act as review was to create a fund to support new “an enabler” for the sector and to accelerate larger-scale developments and ensure that high- the vision for the BTR sector.26 The Task Force quality rented homes needed by the population was raised in April 2012, and aimed to bring were delivered. The Build to Rent Fund, worth together developers, management bodies, local £1 billion, was installed as a fully recoverable authorities and institutional investors with the investment where government bridged finance core objective of expanding the sector. The and shared the risk to help BTR schemes be taskforce also promoted PRS propositions and built, managed and kept. Developers who offered expertise to the sector. sold on their interest or refinanced, repaid the The taskforce was key in the first commercial investment once a scheme was fully let. negotiations in the PRS, engaging with the The BTR Fund prospectus outlined strict market and encouraging key players to invest conditions that bids should include at least 100 to kick-start the new PRS. A DCLG press release private rented units and that the fund would not stated that the taskforce had helped to identify cover more than 50 per cent of costs. Thus, the aspirations to invest over £130 billion of equity in fund serviced primarily large-scale institutional the PRS.27 Following the closure of the taskforce investors who could meet these terms. in March 2015, a Build to Rent Champion was Unfortunately, in October 2016, the BTR fund created as a permanent position within DCLG to was rolled into the broader Home Building Fund, continue to advocate and champion growth in with no specific requirements that funding be the sector. used for PRS properties. In 2013, a report by EC Harris commented on the viability of the PRS sector as a long-term investment, compared to the housing market.28 The report argued that geographical variations affect the viability of PRS and identified major cities, commuter towns close to employment centres and university towns, as factors supporting PRS with London as the most viable PRS location. To counter low rental affordability in the city, developers have admitted to targeting more affordable public sector lands, rather than open land market offerings, a trend which prefaced changes to local regulations in later years.

Fixing our Broken Housing Market, 2015 In 2015, the Government released the white paper Fixing our Broken Housing Market, which many took as a sign the government was finally giving serious consideration to BTR and provided potential for the sector to accelerate. However this was hindered when later that year, the Autumn statement on the budget announced a three per cent increase in stamp duty for residential properties over £40,000,

East Village, Stratford

BUILD TO RENT: LESSONS FOR AUSTRALIA FROM THE UK 10 including buy to let properties. While this reform did not extend to large scale investors who owned more than 15 residential properties, it affected the large majority of PRS investors who tend to be private individuals with fewer than 10 properties in their portfolio.

Homes for Londoners, 2016 In November 2016, Mayor of London Sadiq Khan published the Homes for Londoners: Draft Affordable Housing and Viability Supplementary Planning Guidance. The guidance aimed to provide a pathway through the complex planning system and attempted to set out a definition of BTR. The mayor indicated he would assist BTR schemes by supporting larger investment on public land and by investigating the role of REITs in attracting investment. The guidance allowed for affordable housing targets to be met solely through discounted market rent, where 35 per cent of BTR units in a development must have the reduction applied. This signified an important step in reducing the complexity of affordable housing requirements which have historically stunted the sector. Nine Elms, Lambeth

Government Consultation, 2017 of 20 per cent compared to local market rent In February 2017, the Government launched prices. APR is used an alternative to meeting the Planning and Affordable Housing for Built other affordable public housing requirements, to Rent consultation to improve the viability and while this was already possible under of new BTR developments and attract more existing policy, the amendment into the NPPF institutional investment. The final report noted would make the process for developers easier to the barriers to new developments included: navigate and execute. • Acquisition of land The cumulative effect of these policy initiatives • Speed and predictability of planning and market reforms have enabled BTR to decisions, and flourish and grow with greater buy-in from • Negotiations of planning obligations for investors, endorsement from government 29 affordable housing. and the support of the UK market behind it. To break down these barriers, the report But there are still ways to go before BTR is proposed changes to the National Planning completely free of resistance. Policy Framework (NPPF), including explicitly referring to BTR as a model worth considering. It also put forward the addition of Affordable Private Rent (APR) to be included in the NPPF. APR is considered when 20 per cent of homes in a development are offered at a rent reduction

BUILD TO RENT: LESSONS FOR AUSTRALIA FROM THE UK 11 Ongoing Challenges

Although considerable progress has been made in the BTR sector in recent years, the UK market is not without its challenges.

Education, lack of suitable sites, lack of data Despite the growing buzz around BTR, there is and over regulation, all hinder the ease with little data around operating and management which the BTR sector will flourish. costs, making it difficult to optimise returns. Without also understanding the end-users Additionally, creating a discrete separation of needs, it is very difficult to forecast how tenants BTR away from the PRS market and overcoming relate to the cost of the development, cost of negative public perceptions that it contributes management, term of tenancy and rent price.34 to ‘generation rent’ are ongoing challenges for The Future of London group recommends the sector. implementing regular tenant surveys to Education for investors, planners and developers measure satisfaction.35 Such data will be remains an issue, with no agreed definition for invaluable for ensuring the sector keeps pace what constitutes BTR developments. Convincing with tenant market demands and could be used investors of the merits of such a long-term to convince local authorities of the benefits of investment is also often difficult compared to new builds in their local area. investments in the housing market which may Most BTR developments are large schemes and offer a quicker return but come with a higher as such require sizeable loans to finance the degree of risk. The slow growth of an investment development, which only the largest investors in BTR is more attractive for pension funds and (for example, pension funds) can provide sovereign wealth funds which must commit for enough capital for. However, it is important to at least ten years before gaining any returns.30 note the government has recently introduced BTR developments also suffer challenges getting schemes in response to these market effects, off the ground with for sale builds able to outbid including the PRS Debt Guarantee Scheme, investors for land.31 which enables housing providers to raise debt As discussed in the previous section, navigating with a government guarantee thereby reducing differing policy requirements between councils borrowing costs, and the HCA Build to Rent makes education in the sector difficult Funding scheme. and can hinder the granting of planning Another barrier to BTR developments is their permissions. Securing large sites in central affordability. BTR developments tend to be more London remains too expensive with many new expensive to rent because of the amenities BTR developments gaining traction in zones provided in the development such as gyms and 3-6 where land prices are lower but transport co-working offices. A study from JLL found that corridors are well established.32 Despite the lack the private rental communities were 11 per cent of sites in central London, BTR has the potential more expensive on average than other rental meet local housing demand, contribute to properties in the vicinity.36 If the government local communities and act as assets for local wholeheartedly commits to BTR without more authorities in the business market. Including stringent requirements for affordable housing BTR clauses in local planning policies would (for which the current requirement is 20 per support investors and provide guidance in cent), the asset class could further crowd out decision-making, helping to avoid delays and those on a lower income, barring the exact kind complete builds more quickly.33 of demographic for whom BTR was created for in the first place.

BUILD TO RENT: LESSONS FOR AUSTRALIA FROM THE UK 12 Another obstacle for BTR is how it is closely linked with the wider PRS. The UK PRS, especially in London, has often been compared to the ‘Wild West’ as a result of a fast-moving market filled with unaccountable and unscrupulous landlords.37

Research by the Royal Institution of Chartered Finally, a challenge born out of more recent Surveyors in 2012 found there was a ‘total lack times is the impact of the COVID-19 pandemic of trust’ in estate agents.38 which has placed unprecedented strain on the UK economy, alongside those of other BTR developments, whilst coming at a premium, developed countries across the world. often involve a reduced deposit with all utility bills and ultra-fast broadband included in the While the pandemic and associated lockdown rent. Such is the case for Wembley Park, due in the UK has posed challenges to BTR like other for completion in 2021, a far cry from traditional aspects of the property sector, it is still holding buy-to-let properties and set to be the biggest up strongly as a product at the time of writing BTR development in the UK. this report.

Differences in regional policy also poses an issue The latest evidence suggests that BTR is for landlords who need to make sense of their still going to be a very strong trend post- obligations. In some regions, council requires pandemic, being seen as a relatively safe bet landlords to register with their local body, but for investors given the low risk it represents this policy differs across the UK. Plans to bring compared to other types of products.41 Among consistency to registration schemes across a range of examples, Moda Living’s Angel the UK will give landlords and tenants greater Gardens development, which opened in 2019 confidence in seeking out a BTR as either an in , is reported to have seen 98% of investment or a home. Mayor of London, Sadiq rents collected either at estimated rental values Khan, has raised the idea of introducing rental (ERVs) or market premiums during lockdown.42 caps to be imposed on London landlords to Similar trends appear to be emerging in benefit tenants.39 Australia, where it is becoming increasingly Critics of rent control have cited that such clear in the COVID-19 context that BTR poses measures such have the potential to restrict the ability to be a more ‘shovel ready’ asset class housing delivery and deter institutional than traditional build to sell products, due to the investment into the sector. BPF director of real lower number of pre-requisites required to gain estate policy, Ian Fletcher, has warned the move financing.43 Therefore, in the wake of challenges could deter long term sustainable investment arising from the pandemic in the macro context, into new rental housing, and would lead to a it is likely that investors will increasingly sense further reduction in housing supply.40 While the opportunities arising from BTR as a product rent control will continue to be contentiously not just in the UK, but Australia too. debated, it is important to note that Khan does not have the legislative powers required to implement such changes and would need parliamentary support to gain them, which seems unlikely at this time.

This report has touched on

BUILD TO RENT: LESSONS FOR AUSTRALIA FROM THE UK 13 Conclusion

This report has touched on numerous developments of BTR that come some way to explain the growth of the sector in the UK.

While the Australian sector remains In the Australian context, if affordable housing underdeveloped in terms of sector-related percentages were to be ascribed for in this policy and significant numbers of BTR units, way, this will add to the already challenging burgeoning interest in the sector continues. viability difficulties faced by developers, holding With sky-high house prices, home ownership back the progress of the BTR product in the decreasing and almost one third of Australians short to medium term and, counterintuitively, currently renting, the large-scale investment the delivery of more affordable housing in the opportunities provided by the BTR sector are not long term. Backing this argument up, a paper being utilised to cater for demand.44 from the Government’s development delivery corporation, Landcom, has indicated that While there are many lessons Australia can take affordable housing requirements undermine the from the UK market when it comes to BTR, it is BTR model.46 important to remember that the two contexts are not identical, with different economic Despite all of the challenges posed by variables to take account of. We would therefore the COVID-19 pandemic, BTR has held up urge caution on the importation of rules from remarkably strongly in the UK and, if anything, the UK into Australia, without due analysis of the has become a more attractive proposition for implications. investors to turn to moving forward given its resilience in the wake of adversity. It is clear At this early stage of BTR’s life cycle in Australia, that the BTR sector has achieved a certain a number of developers have questioned the momentum in the UK which does not appear to viability of BTR as a product, particularly due be slowing down. With over 110,000 units in the to the existing domestic taxation regime. To pipeline, and continuing demand for rentals and this end, research from Allens and Urbis has affordable housing, BTR developments in the UK concluded that, despite the product’s potential, aren’t going anywhere. there are currently a range of tax impediments to BTR, including the MIT withholding rate and By understanding the efforts taken to Land Tax Surcharges that are holding back achieve wide acceptance of the BTR market the growth of the sector in Australia due to and outlining the challenges the UK sector their impact on returns.45 While there are tax continues to face, it is hoped that Australian equivalents, these challenges do not exist to the policymakers, investors and local authorities same extent in the UK context. will more readily adopt a commonplace BTR sector than its predecessor. Mindful of this, an example of a rule importation which, despite its best intentions, could cause more harm rather than good in Australia, is the potential adoption of rules on affordable housing based on the UK BTR market, which, as outlined in this report, ascribes affordable housing requirements as a default via APR, rather than as an additional benefit.

BUILD TO RENT: LESSONS FOR AUSTRALIA FROM THE UK 14 References

1 – British Property Federation, Build to Rent Q2 2019, June 2019, https://www.bpf.org.uk/ sites/default/files/attachments/BtR%20Q2%202019-BPF.pdf

2 – London First, Everything you need to know about build to rent in London, London First, September 2017, https://www.londonfirst.co.uk/sites/default/files/documents/2018-04/ Build-to-Rent.pdf

3 – National House Building Council, New Home Statistics Review 2019, http://www.nhbc. co.uk/NHBCpublications/LiteratureLibrary/Statistics/filedownload,86539,en.pdf

4 – Pawson, H., Martin, C., van den Nouwelant, R., Milligan, V., Ruming, K., & Melo, M., Build to rent in Australia: Product feasibility and affordable housing contribution, Report, 2019

5 – Ministry of Housing Communities and Local Government, National Planning Policy Framework, February 2019

6 – Mayor of London, The Draft London Plan, 2018, Updated version published 2019, https:// www.london.gov.uk/sites/default/files/draft_london_plan_-_consolidated_changes_ version_-_clean_july_2019.pdf

7, 8 – Bidwells, What is Build to Rent, June 2018, https://www.bidwells.co.uk/faqs/blog-what-is- build-to-rent/

9, 11, 12, 13 – British Property Federation, Unlocking the Benefits and Potential of Build to Rent, February 2017, https://www.bpf.org.uk/sites/default/files/resources/BPF-unlocking- benefits-potential-build-to-rent-Feb17-FINAL-web.pdf

10 – Thatcher, M., Speech to Conservative Party Conference, October 1986, Published at https://www.margaretthatcher.org/document/106498

14, 15 – HM Treasury, Spending Review 2010, October 2010

16 – British Property Federation, British Property Federation celebrates budget for property, March 2011, https://www.bpf.org.uk/media-listing/press-releases/british-property- federation-celebrates-budget-property

17 – Lowe, R., UK removes barriers to housing, REITs for institutions, IPE, March 2011

18, 19, 20 – Ruddick, G., Budget 2011: Buy-to-let opportunities opened up by stamp duty reforms, The Telegraph, March 2011, https://www.telegraph.co.uk/finance/budget/8402403/ Budget-2011-Buy-to-let-opportunities-opened-up-by-stamp-duty-reforms.html

21 – Parrington, S., How Britain’s £239bn buy-to-let bubble burst: Our devastating report reveals landlords ruined by tax penalties - and their pension plans hit, The Daily Mail, January 2019, https://www.thisismoney.co.uk/money/buytolet/article-6620839/How- Britains-239billion-buy-let-bubble-burst.html

22 – Tew, I., Government urged to halt buy to let changes, FT Adviser, July 2019, https://www. ftadviser.com/mortgages/2019/07/09/government-urged-to-halt-buy-to-let-changes/

23 – Prime Minister’s Office, Plans to boost UK housebuilding, jobs and the economy, September 2012, https://www.gov.uk/government/news/plans-to-boost-uk- housebuilding-jobs-and-the-economy

24 – Communities and Local Government, The Private Rented Sector, Written submission for Essential Living (PRS 125), January 2013, https://publications.parliament.uk/pa/cm201213/ cmselect/cmcomloc/writev/953/prs125.html

engage. communicate. BUILDAN EMERGING TO RENT: ASSET LESSONS CLASS: FOR BUILD AUSTRALIA TO RENT FROM IN THE THE UK UK 15 facilitate. 25 – Montague, A., Review of the barriers to institutional investment in private rented homes, Department for Communities and Local Government, August 2012

26, 27 – Bate, A., Building the new private rented sector: issues and prospects (England), House of Commons Library Briefing Paper 07094, June 2017, http://researchbriefings.files. parliament.uk/documents/SN07094/SN07094.pdf

28 – Harris, E. C., Build to rent: pushing the boundaries, 2013.

29 – Department of Communities and Local Government, Planning and Affordable Housing for Build to Rent: a consultation paper, February 2017

30, 31, 34 – Chance, C., Build to Rent – opportunities and challenges, March 2017, https://www. cliffordchance.com/briefings/2017/07/build_to_rent_opportunitiesandchallenges.html

32, 33, 35 – Future of London, Making the Most of Build to Rent, January 2017, http://www.lse.ac.uk/ business-and-consultancy/consulting/assets/documents/making-the-most-of-build-to- rent.pdf

36 – Valentine-Selsey, V., Will tenants pay more rent for amenities?, JLL, date unknown, http:// residential.jll.co.uk/insights/blogs/will-tenants-pay-more-rent-for-amenities

37 – Johnson, A., Lettings market has become property industry’s “wild west”, The Independent, November 2012, https://www.independent.co.uk/property/lettings- market-has-become-property-industrys-wild-west-8343389.html

38 – BBC News, RICS survey reveals ‘total lack of trust’ in estate agents, November 2012, https://www.bbc.co.uk/news/av/business-20166994/rics-survey-reveals-total-lack-of-trust- in-estate-agents

39, 40 – Bourke, J., Property bosses rage against Sadiq Khan’s London rent cap plan, Evening Standard, July 2019, https://www.standard.co.uk/business/property-bosses-rage-against- sadiq-khans-london-rent-cap-plan-a4193766.html

41 – Property Investor Today, Insight – who is driving the Build to Rent boom?, 15 June 2020, https://www.propertyinvestortoday.co.uk/breaking-news/2020/6/insight--who-is-driving- the-build-to-rent-boom

42 – Housebuilder & Developer, Moda Living unveils major pre-lets and pioneering lettings strategy as Build-to-Rent sector demonstrates resilience in face of COVID-19, 15th June 2020, https://www.hbdonline.co.uk/news/moda-living-unveils-major-pre-lets-and- pioneering-lettings-strategy-as-build-to-rent-sector-demonstrates-resilience-in-face-of- covid-19/

43 – Tabet, T., Covid conditions ripe for Build-to-Rent, May 2020, https://theurbandeveloper. com/articles/covid-conditions-ripe-for-build-to-rent

44 – Lenaghan, N., Growing pool of renters to drive BTR development, Financial Review, 19 June 2019, https://www.afr.com/property/residential/growing-pool-of-renters-to-drive- btr-development-20190618-p51ytl

45 – Allens and Urbis, ‘Build-to-Rent holds the key to Australia’s future liveability’, November 2019, https://www.allens.com.au/insights-news/news/2019/11/Build-to-Rent-holds-the- key-to-Australias-future-liveability/

46 – Landcom, ‘Build-to-Rent in Australia: Product feasibility and potential affordable housing contribution’, July 2019

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