Three multi-million pound deals will provide over 1,000 new homes specifically for private rent in London, Housing Minister Brandon Lewis announced today (10 June 2015) at the London Real Estate Forum.
The homes will be built in some of the capital’s most sought-after locations – including the newest neighbourhood in Stratford’s Olympic Village site.
Mr Lewis said the completion of these 3 deals will provide good quality rented homes for tenants “well into the future”.
Building to rent
The £1 billion Build to Rent fund is designed to help developers produce large scale, quality homes, specifically for the private rented sector.
Today’s latest agreements will mean £252 million is invested in building 1,353 homes across key sites in London. These include:
- 903 homes for rent at Stratford’s Olympic Village
- 278 homes for rent at Newington Butts in Southwark
- 172 homes for rent across sites in Hammersmith, Westminster and West Kensington
Work on the homes will start straight away, and be completed in 2017 and 2018.
Each site will include a mix of 1, 2 and 3-bedroom properties, all located closely to underground stations.
Speaking at the London Real Estate Forum, Housing Minister Brandon Lewis said:
As a global city, with excellent opportunities and links to the rest of the world, there is clear demand to provide people with the flexible option of renting in London.
These 3 deals will deliver 1,353 new homes specifically for private rent in some of the capital’s most sought-after locations, meeting the needs of tenants well into the future.
These 3 deals are the latest to receive Build to Rent funding, delivering a total 4,200 new homes worth a combined £464 million since 2013, and offering greater choice for Londoners.
Chief Executive of the Homes and Communities Agency Andy Rose said:
The HCA is focused on increasing housing supply and these latest deals will help to build a strong private rented sector providing a choice of quality homes in areas of high demand.
Alongside the Build to Rent fund, the government has:
- published a How to Rent guide, so tenants and landlords know their rights and what to expect when renting privately
- issued a model tenancy agreement, to encourage a stability of tenure, so those who want to ask for longer tenancy agreements have the opportunity to do so
- introduced a new requirement for letting agents to belong to redress schemes, so the minority of tenants and landlords who get a raw deal have somewhere to go with their complaint
- inspected 40,000 properties, and over 3,000 landlords are now facing further action or prosecution for breaking the law
The government has appointed PRS Operations Ltd, a subsidiary of Venn Partners LLP, to manage the Private Rented Sector housing guarantee scheme. The application pack became available in April 2015.