Housing minister Mark Prisk has today announced the first 45 projects that will take advantage of the £1bn Build to Rent fund which is expected to provide 10,000 new homes in the private rental sector by 2015.
A quarter of the projects will be in London, however, the Department for Communities and Local Government is unable to provide a detailed breakdown of where the rest will be built. It says it expects to release more details in May.
The first 45 projects will receive a share of £700m with a second round of bids for the remaining fund expected to be opened later this year.
The Build to Rent fund, which was initially set at £200m until Chancellor increased the size of the fund to £1bn in last month’s Budget, is designed to help developers invest in homes built specifically for private rent by the Government offering bridging finance to allow schemes to be built, managed and let.
Prisk says: “We have seen overwhelming demand for the fund, and it’s become clear that there is a real appetite for rental investment. We want to support that, which is why we’ve made a £1bn budget boost to the fund.
“Now, these new projects will help us map this almost uncharted market, bringing in new blood to improve rental quality and choice, and building the new homes that this country wants and needs.”
Mayor of London Boris Johnson says: “With London’s population expanding at record pace, we need to build around a million new homes in the next 25 years to meet demand and avert a possible housing crisis. Increasing supply in the private rented sector has a massive part to play in this.”
The first 45 developers and housing associations to be given access to the fund to kick-start housebuilding projects are:
A2 Dominion Housing, Blackswan Property, Bouygues Development, Bovis Homes, Broomleigh Regeneration , Carillion-Igloo, Carpenter Investments, CCURV LLP, Chestnut Homes, Clearstorm, Climate Energy Homes, Countryside x 2, Crest Nicholson, CS Capital Partners, Derwentside Homes, Evenbrook Capital, Genesis Housing Association, Geronimo, Granger, Greenwich Peninsula, Housing Solutions, Hurst Street, Inland Homes, Keepmoat, Kier Project Investment , YH Residential, Lendlease, Lovell Partnerships, LPC Living, Mill Group, Mount Anvil, Muse Developments, Network Housing Group, Notting Hill Housing, Orbit Homes 2020, Persimmon Homes, PlaceFirst x 2, Plus Dane, Quintain Estates, Regeneration, Relta, South Yorkshire Housing Association and Taylor Wimpey.