£400 million housing construction fund up for grabs, says housing minister

£400 million housing construction fund up for grabs, says housing minister

A £400 million pot has been put up by the government as it bids to encourage the development of more housing for private rent around the UK.

Housing minister Mark Prisk has announced applications for a share of the cash are now being invited. The money is part of the successful £1 billion Build to Rent fund, which aims to make it easier for developers to create new accommodation that can be used in the rental sector.

The politician is confident the scheme will persuade people to invest in property while also improving both the choice and quality of buildings for potential tenants around the UK.

Southampton's Centenary Quay development is the first project to be run under the Build to Rent initiative and it will result in the building of hundreds of new homes. All of these have been designed specifically with the idea of being rented out.

Mr Prisk said: "The housing market is turning the corner, with starts up a third compared to last year, and over 25,000 households helped into home ownership since 2010. But I want to go further, which is why I'm inviting bids for a share of up to half a billion pounds to help build a bigger, better private rented sector."

He went on to explain the government is keen to add more flexibility to the private rented sector and suggested successful bids in the Build to Rent fund should include plans for supporting longer-term tenancies.

The government is keen to point out its work is already achieving great results, such as 334,000 new homes being built in England in the last three years. This is the highest level of new housing supply at any time since 2008.

It could also be good news for the construction sector, helping companies to perform well, make profits and generate job opportunities.

Build to Rent is just one of several government measures designed to trigger a rise in house building across the UK.

Please rate

Comments 

Ctrl + Enter

Most Read

Post-Brexit impacts of engineer skills shortages on construction

Post-Brexit impacts of engineer skills shortages on construction

How is the UK going to cope after Brexit?  According to a report from IHS Markit data research firm, based on answers from over 400 recruitment agencies, demand for staff rose sharply across the private sector in April. However “demand for staff is growing within all sectors and all

Congratulations to Tina White!

Congratulations to Tina White!

This month the Anglo family celebrates a BIG Anniversary for one of our longest standing  team members, Tina White, who has been working and leading the Water Team for 22 fantastic years in 2017! It is hard to imagine for some of our youngest staff that someone has been working tirelessly for

Are we seeing a decline in the UK Construction Industry?

Are we seeing a decline in the UK Construction Industry?

After recent events in the UK political scene, many have forecasted a decline in the economic performance of the UK industry starting in 2017. Are the March figures demonstrating this yet? Anglo studies some of the most reliable industry reports from IHS Markit in an attempt to answer this critical

This website uses cookies to enhance your user experience. By continuing to use this site, you consent to our use of these cookies. See our Cookie Policy.