The numbers

Savills published its third-quarter build to rent figures on 6 October. More than £900 million was invested in UK build to rent between July and September, taking the year-to-date total above £4 billion. That is higher than at the same point in any previous year, and 2026 already ranks as the sixth highest year on record with a quarter still to come. In each of the last three years, the fourth quarter has been the busiest of the year.

Knight Frank, which counts deals on a different basis, puts the third quarter at £1.6 billion and the year to date at £4.2 billion.

Where the money is going

  • Outside London. Almost £300 million was committed to suburban single-family rental schemes across five English regions.
  • Into Manchester. Royal London agreed to forward fund 111 houses and 173 apartments in Newton Heath.
  • Into large portfolios. Border to Coast Pensions Partnership acquired a portfolio of 866 single-family rental homes from Leaf Living.

On the income side, 72% of English local authorities recorded stronger than average rental growth in the three months to August.

What it tells private investors

Pension funds and insurers are long-term buyers. They commit capital to rental housing on a view of rent over decades rather than quarters, and they are committing more this year despite higher borrowing costs.

Guy Whittaker, head of build to rent research at Savills, described the summer jump in advertised rents as likely a one-off adjustment linked to the Renters' Rights Act, under which landlords can no longer accept offers above the advertised rent. We read it the same way.

How we factor it in

The summer spike plays no part in our numbers. What the institutional flow does tell us is where long-term capital expects tenant demand to hold, and Manchester features prominently on that list. Our Manchester investment guide sets out where we are buying.

The bottom line

Build to rent investment is ahead of every previous year at this stage, with the strongest quarter usually still to come. Some of the most cautious investors in the country are putting more into UK rental housing, and more of it outside London, which is the same market our clients buy into.