5th
Mar 2014
Private rented homes developments are shortlisted in Kris Hopkins, the housing minister's latest announcement of the share out for the £1 billion Build to Rent fund, the development areas listed include Kirklees, Liverpool, London and Manchester that are being considered for the new build for private rent.
The government has made a strong commitment to help fund 10,000 new build homes for the private rental sector by 2015 and has proposed that 6,500 homes will be built using the additional funding.
The aim of the government's Build to Rent fund is to encourage the development of large scale good quality houses for the private rented market which will hopefully increase future private investment into the sector.
Already building is underway in two Build Rent developments in Manchester and Southampton and from the first round 18 further projects are just going through the final contracting stage. Half of the projects are in London however the remainder are spread throughout the country of which Birmingham, Durham and Liverpool are included amongst the areas.
From the second round there are thirty six projects included in the shortlist which are going through due diligence processes and those successful will receive the funding (80% of these are for London).
The Housing Minister said: “The private rented sector offers a flexible option to millions of people looking to rent good quality homes. The Build to Rent fund will give tenants far more choice over where they live and raise the standard of the properties on offer.
“So I’m pleased that so many developers have applied for a share of our £1 billion fund, and that we are well on track to have work underway by 2015 on 10,000 new homes specifically for private rent.”
Margaret Allen, interim executive director for programmes and recoverable investment at the Homes and Communities Agency (which besides the role is an equally challenging title), added: “The volume and quality of bids we have received for round 2 of Build to Rent Programme is encouraging.
“We are looking forward to working with our partners and the shortlisted bidders to take the submissions through the due diligence process and to support the delivery of the successful bids.”
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