Housing Minister Brandon Lewis today (10 February 2015) announced a multi-million pound deal that will provide nearly 800 homes specifically for private rent in Greater Manchester.
The minister welcomed this latest deal through the government’s £1 billion Build to Rent scheme, which is well on track to build 10,000 new homes for private rent.
The move is the latest in a series of steps this government has taken to get Britain building – creating jobs and providing homes and security for hardworking people.
New homes in Manchester and Salford
The Build to Rent fund is designed to help developers produce large-scale, quality homes, specifically for the private rented sector.
Under the terms of today’s agreement, developers Renaker will receive £55 million to build 779 new homes across 2 sites in Manchester and Salford.
Each site will include a mix of 1, 2 and 3-bedroom properties. Work is already underway, and is expected to be completed by the middle of next year.
Housing Minister Brandon Lewis said:
Millions of people use the flexible option of renting so I’m determined to create a bigger, better private rental market offering greater choice for tenants.
This extra money will not only create 800 more homes for the people of Manchester and Salford, it will also create jobs and security for hardworking people – a vital part of our long term economic plan to secure a better future for Britain.
Creating a bigger better private rented sector
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
published a model tenancy agreement, so tenants who want to ask for longer tenancy agreements have the opportunity to do so
introduced a new requirement for letting agents to belong to 1 of 3 redress schemes, so the minority of tenants and landlords who get a raw deal have somewhere to go with their complaint
Chief Executive of the Homes and Communities Agency Andy Rose said:
This is a major investment in the private rented sector in Manchester. It demonstrates how the HCA, working closely with partners, is combining financial and local expertise to increase the private rented choice in areas where there is a high demand for homes.
Director of Renaker Daren Whitaker said:
We are delighted to receive funding support on these 2 important city centre schemes from the Homes and Communities Agency.
Each scheme has been meticulously planned and designed to deliver new and highly aspirational places to reside.
Construction is progressing on both sites to schedule and will provide 779 new high quality homes in two extremely desirable central Manchester locations.
Housing Minister Brandon Lewis made the announcement to the British Property Federation annual conference.
Renaker will devote £35.1 million towards providing 497 homes at the Greengate development in Salford, minutes away from Manchester Cathedral.
A further £20.2 million will be invested in providing a further 282 homes for rent at their Cambridge Street development, at the heart of Manchester city centre within easy distance of Oxford Road station.