Private equity firms and pension funds are betting on UK rental houses, spending record amounts in the past two years amid soaring demand and a housing affordability crisis. Deals to buy or build single-family rental homes had topped £1.5bn by the end of September, more than three times higher than sums deployed in the whole of 2021 or 2022, according to data from estate agency Savills. That followed a record £1.9bn in deals last year.
Investors are increasingly favouring single-family homes over big blocks of flats, known as multi-family developments, as they hope to attract more stable, long-term tenants and because houses are easier to build within the UK’s restrictive planning system. “We believe single family will be the largest mainstream asset class within ,” said James Stevens, head of global real estate investment at Aviva, which has invested about £600mn in the sector since 2020. The share of new rental investment in the UK going into single-family homes rather than multi-family blocks reached 54 per cent in the year to September, up from 32 per cent in the year before and just 5 per cent in 2019, Savills said. Investors snapped up nearly 5,000 homes in the first three quarters of the year, up 20 per cent from the same period last year, according to Savills. UK institutions including Aviva, L&G and Lloyds have been joined by a growing number of international firms. Blackstone, the world’s largest real estate investor, has bought about 4,500 rental homes from Vistry since late 2023, in two deals worth £1.4bn. Blackstone, which has long invested in housing in the US, has swept up tens of thousands of homes in Europe, and in the UK has focused on funding new-builds. The group’s UK residential businesses have a portfolio of 17,000 affordable homes — and is now expanding open-market rentals to
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