03 March 2020
FirstPort, the residential property manager, has appointed Lee Richards as Director – Build to Rent. Lee joined FirstPort in July 2018 as Head of Property Standards and takes up his new appointment immediately.
Managing properties that investors are building specifically to rent (BTR) is emerging as the sector’s fastest growing commercial opportunity in 2020.
Prior to joining FirstPort Lee was Managing Director of a national property lettings business, managing large portfolios for clients such as the Ministry of Defence and Serco.
“There are currently some 40,000 occupiers of homes that were specifically built to rent in the UK,” comments Martin King, Director of Business Development, FirstPort Limited. “But there are another 100,000 currently under construction or in the planning pipeline. Lee’s appointment is part of our strategy to be the property manager of choice for these large scale institutional investments.”
Lee Richards, added: “There are numerous well documented barriers to new property ownership currently in the UK. Low mortgage multiples available for average earners, deposit sizes required, and rising property prices have all contributed to the rise in the age of first-time buyers to 33 in the UK, and 37 in London.
“The demand for good quality rental property has never been greater as the private rental sector expands to accommodate changing trends, with BTR being at the forefront of this growth.”