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Build to Rent Receives £65 Million from New Housing Minister

Housing Minister Alok Sharma has confirmed that the biggest private rent investment housing development in the country is about to receive a government boost worth £65 million.

The deal will play an important role in making over 7,600 new homes available in the Wembley Park development, which is one of the biggest strategic regeneration projects in the country. A minimum of 6,800 of these properties will be made available for private rent.

The project, which will present London residents with more housing choices, comes with the UK Government’s full support. The scheme is expected to increase the availability of rental properties to people who are currently priced out.

The steps include:

  • Altering planning rules so that councils have the ability to plan for more Build to Rent homes when the need arises.
  • Helping Build to Rent developers offer affordable private rent investment homes in lieu of other affordable home types.
  • Introducing longer, family-friendly tenancies to provide security for renters. British Property Federation estimates indicate that government initiatives have made tenancies of three years or longer available to 35,000 renters across the UK.

 

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The Build to Rent sector is expanding across England, with nearly 81,000 homes either finished or in the planning stages. According to industry estimates, private rent investments could reach £70 billion by 2022. This could translate into 15,000 more homes every year, with the possibility of 240,000 dedicated private rental properties built by 2030.

The Housing and Planning Minister said that UK families should have enough security to be able to plan for their futures, whether they be renters or homeowners. That is why the UK Government is attempting to fix the housing market by creating a larger and more improved rental market, so that tenants have more choice at their disposal.

Angus Dodd, Quintain Chief Executive, said that Quintain will match the £65 million loan from the government to provide an infrastructure investment of £130 million into Wembley Park to deliver an energy centre, parking for cars and coaches, and the first stage of a large and spacious public park. The funding will both support the speedier delivery of new homes and allow these important infrastructure elements to be brought forward.

Work on the new private rent investment homes at Wembley Park has already commenced and is scheduled to be completed in 2026.

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