25th
Aug 2017
Unfortunately the UK housing crisis will always be prevalent and the government in spite of its onerous new taxing regime on the private rented sector, it still views rental homes as a very valuable asset in combating the shortage by continuing to support Build to Rent in high populated areas. The largest development of its type is expected to be in the capital where there could be a major boost of £65 million funding.
The government will be providing the funds in the form of a loan as a contribution to 7,600 new builds at Wembley Park.
Alok Sharma, the present housing minister is intending to relax planning rules to increase numbers of Build to Rent schemes.
The Wembley developer will match the government's £65 million which will be invested into improving the site's infrastructure.
Chief executive for the developer, Angus Dodd, said: “This £65m government loan will be match funded to provide a £130 million infrastructure investment into Wembley Park to deliver new car and coach parking, an energy centre and the first phase of the new 7 acre public park.
“Not only will this funding allow these critical elements to be brought forward, it will also support the more rapid delivery of new homes.”
At present there are 80,855 Build to Rent homes that are either built or planned throughout England.
Industry predictions for the private rented sector claim that there could be up to £70 billion investment over the next three years. The investment should be able to provide at least 15,000 new homes each year and that by 2030 there could be around 240,000 Build to Rent homes.
Housing Minister, Alok Sharma, said: “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 UK’s developments so that tenants can have greater choice.”
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