Housing minister Mark Prisk, together with the shadow housing minister Jack Dromey, will cite build-to-let as crucial to meeting the UK’s future housing needs today.
The crossparty support for the build to let sector comes ahead of the British Property Federation Residential Conference today where both men will be speaking.
The flagship policy provides a £10bn debt guarantee and a £200m equity finance for house builders and developers. Prisk will argue this encourages a wider range of investors to build homes for private rent.
The Communities and Housing department commissioned a report, entitled ‘Review of the barriers to institutional investment in private rented homes’, published in August and highlighted the need to encourage greater investment in the build-to-let market.
The British Property Federation was part of the industry panel which advised on the report and urges the Government to accept the recommendations it contains.
Shadow Housing Minister Jack Dromey will say: “Labour’s vision for private renting is of a strong and vibrant sector that is able to attract investment for the long-term but also a reformed sector that meets the needs of those living in it now and in the future, who do not want or currently cannot buy their own home.
“We do not see greater protections for renters and landlords in the sector as a barrier to investment but a pre-requisite for it. If the private rented sector is to be one of choice it must meet the needs of those living in it not least the 1.1 million families with children.”
Mayor of Newham Sir Robin Wales will say: “Newham’s vision is of a private rented sector that works for everyone – landlords can make a good return in a well-supported and professional sector; tenants have stable and good quality accommodation and the borough becomes a more attractive place to live and invest in.”