Government offer £400m private rental investment opportunity
Housing Minister Mark Prisk has offered a huge investment opportunity as part of the £1bn Build to Rent scheme.
The scheme will operate alongside £10bn in government housing guarantees and support developers and investors who want to move into the private rental market.
In July, the first Build to Rent deal was signed, which will lead to hundreds of new homes being built specifically for rent as part of Southampton’s Centenary Quay development.
Mr Prisk said the government wanted 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.
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.”