With significantly more new homes urgently needed to help plug the housing shortage in this country, the government views the Build to Rent as key to providing a large number of them, especially in locations like London, where the UK’s largest Build to Rent development is set to receive a £65m boost.
The government funds, which will be provided in the form of a loan, will help fund the construction of 7,600 homes at Wembley Park in north London.
Housing minister Alok Sharma said planning rules will also be relaxed to encourage more Build to Rent schemes.
Wembley developer Quintain is matching the £65m government cash to invest in improved infrastructure across the site.
Quintain chief executive, Angus Dodd, said: “This £65m government loan will be match funded by Quintain 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.”
Across England 80,855 Build to Rent homes are either completed or planned.
The industry estimates investment in the private rented sector could grow to £70bn 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.
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 developments so that tenants can have greater choice.”