17.04.13
Build to Rent schemes announced
The first 45 projects to benefit from the Build to Rent Fund have been announced, with up to 10,000 new homes for private rent to be underway by 2015.
Housing minister Mark Prisk announced the projects, which aim to balance the rental market and reduce the upfront risk of investment for developers. The Fund has £1bn available with projects in the first round to receive a share of £700m.
The mix of developers will offer tenants more choice when choosing a home, the government stated.
Prisk said: “This government is determined to get Britain building, and the Build to Rent Fund is set to help us deliver, with up to 10,000 new homes to be built from these projects.
“We’ve seen overwhelming demand for the fund, and it’s become clear that there’s a real appetite for rental investment. We want to support that, which is why we’ve made a £1bn Budget boost to the fund.
“Now, these new projects will help us map this almost uncharted market, bringing in new blood to improve rental quality and choice, and building the new homes that this country wants and needs.”
Richard Hill, deputy chief executive of the Homes and Communities Agency, said: “The £1bn Build to Rent fund presents a fantastic opportunity to bring about a step change in the way we meet the growing demand for rented homes in this country, while the incredible initial response to the fund clearly shows that builders are ready to take up that challenge.”
The Mayor of London, Boris Johnson, said: “With London’s population expanding at record pace, we need to build around a million new homes in the next 25 years to meet demand and avert a possible housing crisis. Increasing supply in the private rented sector has a massive part to play in this.”
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