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.