The Build to Rent (BTR) market is gathering pace outside of London, according to new data from EG.

The research reveals that letting times of three to seven days in eight locations, all of which are based around the Midlands and North – Stalybridge, Greater Manchester, Crewe, Coventry, Heywood, Oldham, St Helens and Wednesbury.

Across the UK as a whole, the data shows the average number of days a BTR home remains on the market is 28, compared to London and Edinburgh where flats take more than 30 days to let.

The quickest leasing activity is in Birmingham and Liverpool, with the average amount of time on the market being 21 days.

Average monthly rental value topped £1,786 across the UK, the study found.

Anna Reed, data director at EG, commented: “For investors and property developers it’s clear from our latest data that the greatest opportunity lies outside of London. With 38,000 BTR properties built in the last year – equating to an annual investment of £4.7bn – the BTR market is maturing and those looking to invest in BTR should be looking to the Midlands and North rather than capital cities for the quickest letting times.

“The continued growth and investment in the BTR market is also an indicator of a broader trend we’re seeing in commercial real estate around a transition away from traditional properties toward living assets, where people are being put at the heart of the sector. Not only does this help future-proof investments, but it also provides an opportunity for the commercial real estate sector to play a crucial role in tackling the UK’s housing shortage.”