04.08.17
Wembley Park rental development gets £65m DCLG boost
The biggest development of homes for the private rental sector being built in Wembley is to receive a £65m cash injection from DCLG.
The extra funds are expected to unlock 7,600 additional new, high-quality homes at the Wembley Park development in Brent, North West London.
At least 6,800 of these homes will be for rent, something that the government hopes will offer more choice for Londoners when renting a house in the capital.
The news also comes as the government confirmed widespread support for proposals to open up the choice of rental properties on the market to help residents who are currently priced out.
Measures include changing planning rules so councils can proactively plan for more Build to Rent homes where there is need, and making it easier for Build to Rent developers to offer affordable private rent in place of other types of affordable homes.
Industry estimates suggest that the private rented sector could grow to £70bn by 2022, which could provide a further 15,000 homes a year, with the potential to reach 240,000 homes built specifically for private rent by 2030.
“Whether renting or owning all families should have the security they need to be able to plan for the future,” said housing and planning minister Alok Sharma.
“That’s why as part of our plan to fix the broken housing market we’ve been taking action to create a bigger and better private rental market, supporting new Build to Rent developments so that tenants can have greater choice.
“Developments like Wembley Park are a great example of doing just that, boosting the choice and quality of homes on the market – meeting the needs of renters in cities and towns across England.”
The development is also backed up by a loan from the government’s £3bn Home Building Fund. DCLG estimates that over 8,000 jobs will be brought to the area when construction gets underway. It will be delivered in phases over the next seven years, flats will include a mix of studios 1,2 or 3 bedroom properties – located closely to the underground station.
Homes and Communities Agency (HCA) chief executive Nick Walkley added: “This autumn, the HCA will relaunch as Homes England with the ambition of creating a better housing market We’re determined to get more homes built now and increase the rate of future development.
“This development is a fantastic example of how we fund vital infrastructure to speed up the construction of much-needed quality homes for people to rent.”
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