The country’s largest build-to-rent development has received financial support from the Government worth £65 million in total.
Build-to-rent, the part of the property market where homes are specifically being built to be rented out privately, has taken the sector by storm. The country is in desperate need of more housing and the Government has now decided that build-to-rent might the one sector that can fix all of that.
Especially in big urban conurbations, such as London, people have been struggling to find the right place to live. Now, the Government is giving a major financial injection to a development in Brent which will create an incredible 7,600 new homes.
Housing Minister Alok Sharma explained the decision by saying this new development will offer more choice for the capital’s inhabitants. On top of that, he also pointed out that the investment highlights the Government’s commitment to not only the build-to-rent sector but also to those who can’t afford to buy and should at least have the choice to live in adequate rental accommodation.
In addition to that, other changes will also mean that planning rule will be adjusted in a way that will make it easier for councils to plan for more build-to-rent property. This will then lead to more build-to-rent developers being able to afford homes at a cheaper rental price, making the sector more affordable and attractive.
Other changes include longer tenancies which in return are meant to attract more families to become a part of the sector. British Property Foundations estimates that 35,000 tenants across the UK are already living in tenancies of three years or even longer.
One of the best things the build-to-rent sector is bringing to the property market is a boost in choice and quality. With more rental homes available, they need to be better to compete with each other.