Housing Minister Kris Hopkins published a shortlist of developments in areas including London, Manchester, Liverpool and Kirklees, which could benefit from a share of the £1 billion Build to Rent Fund to deliver homes specifically for private rent.
Up to 6,500 homes will be built using this additional funding - meaning the government is well on track to have work underway by 2015 to deliver up to 10,000 newly built homes for private rent.
Building to Rent
The Build to Rent fund is designed to help developers build large scale, quality homes specifically for the private rented sector. By demonstrating the viability of the large-scale market the government is laying the foundations for future private investment in the sector.
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Through round 1 of the scheme, 18 projects are either in the final stage of due diligence or contracting stage, with around half of these projects in London but also in places including Durham, Liverpool and Birmingham.
Construction has also already started on 2 Build to Rent developments in Southampton and Manchester.
The 36 projects on the shortlist from round 2 will also now go through this due diligence process, with successful bids receiving funding to deliver new homes. They include:
• Housing Capital Trust - who plan to build over 500 homes for rent in Manchester
• Stanley Dock Properties - who plan to build over 100 homes for rent in Liverpool
• Imperial West - who plan to build 192 homes for private rent in Hammersmith and Fulham
• Development Securities - who plan to build nearly 350 homes for rent across Brent, Greenwich and Redbridge
Around 80% of the projects listed are in London - reflecting the demand for good quality, private rented accommodation in the Capital.
Minister Hopkins said: "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 £1 billion fund, and that we are well on track to have work underway by 2015 on 10,000 new homes specifically for private rent."
(CD)
