The Private rental market is set to gain a share from a government investment scheme designed to get Britain building across the housing market..
House builders are being offered a share of a new £400 million Government investment scheme, to help encourage the build of new homes specifically for the private rental sector.
The funding is part of the successful £1bn Build to Rent fund, which for the first time offers support for developers and investors looking to branch into the private rental market.
Housing Minister, Mark Prisk said the initiative , alongside up to £10bn in Government housing guarantees, will encourage people to invest in this “untapped” private rental market – offering greater choice and quality of homes for prospective tenants.With one scheme having already been given the green light for development.
The move comes as the Government aims to offer more choice and flexibility to private sector tenants, and the best bids for the Build to Rent fund should support longer-term tenancies as part of the mix of accommodation being provided under the scheme. The Build to Rent fund is one of a number of Government-backed measures designed to get Britain building across the housing market.
Housing Minister Mark Prisk said,
“The housing market is turning the corner, with starts up a third compared to last year, and over 25,000 households helped into home ownership since 2010.
“But I want to go further, which is why I’m inviting bids for a share of up to half a billion pounds to help build a bigger, better private rented sector.”
Andrew Stanford, chairman of the Private Rented Sector taskforce, added,
“There is considerable momentum building in the new Private Rented Sector and the second round of Build to Rent funding will be a further significant boost to kick-starting the sector.”
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