Further government support for co-living development schemes in the upcoming changes to the National Planning Policy Framework (NPPF) has been called for by the British Property Federation (BPF) according to their latest report published by the BPF’s co-living working group yesterday (11th October).
According to their latest report from the co-living working group, the British Property Federation (BPF) has called for further government support for co-living development schemes in the UK in the upcoming changes to the National Planning Policy Framework (NPPF).
Aiming to improve the understanding of the co-living sector and emphasising its importance as a property investment asset class that could alleviate the UK’s housing crisis, the BPF has called on the government to provide the necessary support to ensure the growth of the sector for co-living schemes, while also calling local authorities to include an allocation for co-living developments in their areas in their NPPF.
Additionally, the BPF has also urged local planning authorities to include policies to support co-living developments in their local plans, with a specific focus on ensuring that their policies are not “too prescriptive” and to allow for broader market parameters, as well as their affordable housing policies, to finally recognise that co-living housing meets different housing needs than traditional housing.
Data from JLL has also found that just over 31,000 co-living beds are in operation and development in the UK, a stark minority against other more established sectors.
“Much like build-to-rent, co-living can help make a significant contribution to the UK’s housing need and alleviate the housing crisis. By catering to parts of the population that would otherwise struggle to find appropriate accommodation, co-living is an accessible and affordable option for many, and should be recognised as such in policy. The continued diversification of the living sector is a critical tool in battling the housing crisis.” Mark Corea, Policy Officer at the British Property Federation.‘‘
The report from BF has also followed data from Cushman & Wakefield on their analysis of the UK’s co-living hotspots that found Manchester and Edinburgh with the largest growth potential for the co-living sector in the country.
At Beech Holdings we have remained at the forefront of innovation throughout the last 23 years of operations, striving to provide the residents of Manchester with luxury homes that meet their needs thanks to our tenant-centric approach to property development.
While other developers have held on to antiquated development methods that see white boxes devoid of colour and personality delivered en-masse across the city, we have perfected our delivery of high-end, luxurious apartments that not only provide our residents with exactly what they are looking for but also have evolved as their wants and needs have to ensure that what we deliver meets their expectations – including exploring the co-living sector.