The build to rent sector now accounts for 1% of all UK rental properties, having risen by 135%, according to Ascend Properties.

Four years ago there were 22,831 build to rent properties in the UK rental market, accounting for just 0.4% of private rental stock.

In London, the level was greater, with the 12,709 properties, accounting for 1.2% of the total rental market.

Almost a quarter of London population rent

The build to rent now accounts for 53,750 homes within the private rental sector, up 135% since 2017.

The volume of build to rent stock in the capital has increased by 109% since 2017, with the current total of 26,625 accounting for 2.5% of all private rental properties in London

While the London rental market has grown at a faster rate than the wider UK, it has seen just a 4% estimated increase in total private rental stock since 2017.

Ged McPartlin, managing director of Ascend Properties, said: “Although build to rent has been around for quite some time, it’s only in recent years that the sector has started to become a serious area of focus for many big housebuilders.

“This growing trend is clear when analysing the overall rental market and the increasing number of build to rent properties within it, with the sector now accounting for an estimated one per cent of all private rental properties.

“However, this impressive growth is just the tip of the iceberg and we expect to see the share of rental homes accounted for by build to rent continue to grow.”