The Government’s ‘Build to Rent’ fund is intended to help companies develop large scale, quality homes for the private rented sector only.
The extra funding will be used to build up to 6,500 homes and the works to deliver 10,000 newly built homes forprivate rent are expected to start by 2015.
The 36 projects on the round 2 shortlist will go through a due diligence process managed by the Homes and Communities Agency.
Amongst these projects are:
- Housing Capital Trust – plans for over 500 private rent homes in Manchester
- Stanley Dock Properties – plans for over 100 homes for rent in Liverpool
- Imperial West – plans for 192 private rent homes in Hammersmith and Fulham
- Development Securities – plans for 350 homes for rent across Brent, Greenwich and Redbridge
The housing minister, Kris Hopkins, commented on the governmental 'Built to Rent' initiative: “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 £1bn fund, and that we are well on track to have work underway by 2015 on 10,000 new homes specifically for private rent.”
Around 18 projects are either in the final stage of due diligence or contracting stage, of which half are located in London. This initiative will create hundreds of construction jobs in the capital.
Construction works on two ‘Build to Rent’ projects in Southampton and Manchester have already started.
Boris Johnson, the mayor of London, said: “With a soaring population and unprecedented demand for new homes in the capital we have set the most ambitious targets in the GLA’s history to help provide the homes hard working Londoners need.
“The private rented sector has a huge part to play in this. Boosting the supply of good quality well-designed homes to rent will lead to a more balanced rental market, improved services for tenants, and helps bring forward new development, while stimulating economic growth in the capital.”
