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Build to rent sector sets out three point plan to build 250,000 new homes

Developers and investors have written to the housing minister proposing a three-point action plan that could see more than 250,000 extra homes built for rent.

The Better Renting campaign’s letter, signed by 11 companies, says that Build to Rent – where corporates build clusters of homes that are rented and not sold – could help the government deliver its pledge to build a million homes by 2020. The letter claims that traditional house builders are at full capacity and that support for corporate landlords could bring £50bn of new money into the sector.

The letter asks ministers to set aside an agreed proportion of public land for Build to Rent development. Councils and public landowners could generate long term rental income from buildings or land, allowing them to fund under-pressure public services.

The group also calls on the chancellor not to apply an additional 3% stamp duty charge to professional Build to Rent developments. Last December, he promised to only apply this to buy-to-let investors, but subsequently reversed this pledge. The group claims the move will dampen investor appetite to build more homes.

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