The biggest development of homes built specifically for the private rented in the UK is set to receive a £65 million boost from the Government.
With the country needing over a million new homes in the coming years, the Government believes that Build to Rent can provide a large number of them, especially in locations like London.
Now a development of 7,600 high quality new homes at the Wembley Park development in Brent, one of the largest strategic regeneration projects in the UK, is to get the multi million pound boost.
According to Housing Minister Alok Sharma, the development, which will have at least 6,800 home to rent, will offer more choice for Londoners. Sharma also said that it shows that Government plans to open up the choice of rental properties on the market, to help those unable to buy are moving forward.
Under the move to provide more rental homes there will be changes to planning rules so councils proactively plan for more Build to Rent homes where there is need and it will be made easier for Build to Rent developers to offer affordable private rent in place of other types of affordable homes.
The plans also involve introducing longer tenancies which are more family friendly to provide better security for renters and Government action in this area has already seen the offer of three year or longer tenancies being made available to 35,000 tenants across the country according to British Property Federation estimates.
Build to Rent homes are built at scale for the primary purpose of being rented long term and Sharma explained that they can boost choice and quality in the private rented sector.
The industry estimates investment in the private rented sector could grow to £70 billion by 2022. This could provide a further 15,000 homes each year with the potential to reach at least 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. 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,’ Sharma added.
The Wembley Park development is backed by a loan from the government’s £3 billion Home Building Fund and will be delivered in phases over the next seven years. The flats will include a mix of studios, one, two and three bedroom properties, all located closely to the underground station. The site next to the National Stadium will also include up to 2,350 affordable homes.
