Royal London Enters UK Single-Family Rental Market With 284-Home Manchester Forward-Fund

The institutionalisation of UK rental housing took another step this week as one of the country's largest mutual investors moved into the fast-growing single-family rental sector. Royal London Asset Management (RLAM) has forward-funded a 284-home scheme in East Manchester, its first investment in suburban family homes for rent, and set out plans to build a dedicated North West presence in the months ahead. ## The deal

RLAM, the fund management arm of Royal London Group, has entered the single-family housing market through its RLAM Living Fund. The fund is forward-funding a 284-home living scheme on Riverpark Road in Manchester, taking its portfolio to nearly 1,250 units.

The scheme is a partnership with North West housebuilder Kellen Homes. In partnership with Kellen Homes, the forward-funding deal will deliver 111 single-family homes and 173 low-rise apartments at the Riverpark development, with completion targeted for Q3 2028 and leasing expected to begin in Q3 2027; the homes will be operated by ProperTies Living, Royal London Asset Management's vertically integrated residential management firm.

The site sits within a wider regeneration. Kellen secured planning approval for the 498-home redevelopment of a former abattoir off Riverpark Road in 2025, with the remaining 214 homes not acquired by RLAM to be owned by housing association Great Places. The homes are close to the Etihad Stadium, Co-op Live Arena and the National Cycling Centre, and served by several local bus routes.

Greater Manchester was a natural choice of location to enter this market, combining acute housing undersupply with strong demand for attainable, family-sized rental homes.

Paul Ruston, Living Fund Manager, Royal London Asset Management, 2026

A portfolio milestone and a regional push

The acquisition marks a strategic expansion rather than a one-off purchase. The scheme follows previous acquisitions in locations including Slough, Bracknell, Barking and Watford, bringing the fund's total portfolio to 1,246 units, with residential commitments now surpassing £530m.

RLAM framed Greater Manchester as a logical entry point for family rental homes. Paul Ruston, living fund manager at Royal London Asset Management, said Greater Manchester was a natural choice for its first single-family scheme, combining acute housing undersupply with strong demand for attainable, family-sized rental homes from an established mobile workforce.

The investor also intends to put down local roots. The acquisition establishes the first project within ProperTies Living's North West regional hub. RLAM said that following this first development it plans to grow its North West footprint through a dedicated regional hub, establishing a local presence in the suburban and commuter markets where demand for these rental homes is significant.

Single-family rental comes of age

The move reflects a wider structural shift in where institutional money is flowing within build to rent. In 2025, single-family housing attracted over £3 billion in investment, the highest annual volume ever recorded for the sub-sector and a 28% increase on the previous year, with single-family schemes now accounting for nearly 60% of all build-to-rent investment, up from just 6% in 2019.

That growth is set against a broadly resilient headline picture for the wider sector, even as new development funding has been uneven. Investment in the whole of the build-to-rent sector reached £3 billion during the first half of this year, one of the strongest starts to a year on record, a total 28% higher than a year earlier and 6% above the five-year average.

• • 111 single-family homes and 173 low-rise apartments at Riverpark
• • Part of a wider 498-home former abattoir redevelopment
• • Completion targeted for Q3 2028; leasing from Q3 2027
• • Homes to be managed by RLAM's in-house operator, ProperTies Living

The Riverpark deal is a small transaction in absolute terms, but it is a telling one: another major, long-term investor moving into professionally managed family homes for rent, and doing so in a regional city rather than central London. For a housing market wrestling with undersupply, more institutional capital directed at suburban family homes is a development worth watching. Silkwood Group will continue to track how the single-family rental sector evolves across the UK regions.

Sources

• • BE News, Royal London enters single-family housing market with Manchester forward funding deal
• • Inside Housing Living, Giant UK insurer enters suburban build-to-rent with 284-home deal
• • REalyse, Institutional investors pour record billions into UK single-family rental