Build-to-rent site gets £65m boost amid efforts to 'fix broken housing market'
The country's biggest "build-to-rent" site is set to receive a £65 million boost from the Government, Housing Minister Alok Sharma has announced.
The deal will help to bring about more than 7,600 new "high-quality" homes at the Wembley Park development in Brent, London, the Government said. At least 6,800 of these homes will be for rent.
Build-to-rent homes, which form part of Government efforts to fix the "broken" housing market, are built for the main purpose of being rented long-term, helping to boost the choice and quality of homes in the private rented sector.
The Government said across England, the sector is expanding, with 80,855 homes either completed or planned.
The industry estimates investment in the private rented sector could grow to £70 billion by 2022.
This could provide a further 15,000 homes each year, with the potential to reach at least 240,000 homes built specifically for private rent by 2030.
The Government said it has had widespread support for its proposals to open up the choice of rental properties on the market to help those currently priced out.
The measures include changing planning rules to enable more build-to-rent homes where needed and introducing longer, more "family-friendly" tenancies.
Mr Sharma said: "As part of our plan to fix the broken housing market, we've been taking action to create a bigger and better private rental market, supporting new build-to-rent developments so that tenants can have greater choice."
The Wembley Park development is backed by a loan from the Government's £3 billion Home Building Fund.
Work on new homes at Wembley Park has already started and is set to be completed in 2026.