A new agreement with PRS Operations Limited has been signed to build new homes for private rent throughout Britain.

Housing Minister Brandon Lewis signed the agreement to help unlock £3.5 billion in funding.

Initially, up to £3.5 billion in government-backed loans will be made available to landlords who want to invest at least £10 million for new homes available for private rent.

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Venn Partners has created PRS Operations Ltd, a new organisation that will secure institutional investment in building homes specifically for private rent.

Minister Lewis, said: "We've pulled out all the stops to get the country building since 2010, including by creating a bigger better private rented sector.

"Today's deal with Venn Partners will secure a £3.5 billion investment in delivering homes specifically for private rent to ensure a range of developers across the industry get to expand into this growing market."

(CD/IT)