The Scottish Government has released their industry consultation, ‘A New Deal For Tenants’, detailing Scotland’s vision to place a stronger tenant and community focus at the forefront of the nation’s housing policy. This additional safeguarding of tenants’ rights is intended to complement the existing ‘Housing to 2040’ strategy for low cost and low carbon housing. These policies have a striking resemblance to what Build to Rent (BTR) has achieved in other parts of the UK.
As a result, there has been a significant increase in activity by specialist and institutional funds to source (and fund) new BTR opportunities across both private and mid-market (affordable) rents in Scotland. These funds have mandates ensuring the provision of quality, long term housing whilst achieving social outcomes (such as tenant affordability, community placemaking and low carbon emissions).
‘Best in class’
To attract this new wave of investment, BTR schemes need to be designed and purpose built to a best in class standard in order to meet a range of requirements from these investors. In a few cases we are witnessing these new entrants into the market setting themselves more progressive requirements than what the Government intended as part of their proposals.
PfP Capital have been one of the first movers in Scotland in delivering mid-market rented communities. William Kyle, MMR Fund Director said, “this consultation illustrates the alignment between the Government’s intended direction and the role which MMR BTR is intended to achieve in delivering affordable, well managed and tenant focussed housing.”
There is a real opportunity to support the growing pool of investors, like PfP Capital, who are eager to provide long term quality housing choice, affordability, and community centred schemes across Scotland through the promotion of BTR.
A full listing of Scotland BTR and an interactive map of BTR schemes can be viewed here.