The rental market is undergoing fundamental change, finding new clientele among families and older single people who are unable to buy, or find, their dream homes. Last year a record £51.6 billion was paid in rent, double that of a decade ago, according to Countrywide, the estate agency. The accommodation on offer is also changing unrecognisably, thanks to £50 billion of investment in build-to-rent, a rapidly growing sector which aims to transform the rental market. It is funded by UK financial institutions, or developers from the US or Canada, where these types of schemes are long-established. “Modern rental developments specialise in hotel-quality living.” Yet they also serve another purpose;…

Source: The Times February 16, 2018 00:00 UTC