“Build to rent” development gets government boost

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It is estimated that Britain needs a million new homes in the next few years, and is encouraging the construction of new accommodation for the privately rented sector.

According to an August 2017 article on Propertywire.com, 7,600 homes are being built in London’s Wembley Park. Of these 6,800 will be available to rent. The project is part financed by a £65 million loan from the government, which will be phased in over the next seven years.

The government has forecast that by 2030, 240,000 homes will have been built for the private rented sector. The housing minister, Alok Sharma said:

“Whether renting or owning all families should have the security they need to be able to plan for the future. That’s why 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.”

Although the government is encouraging build to rent projects, the Residential Landlords Association is concerned that the government is discouraging buy to let landlords through increased stamp duty and decreases to the tax relief on commercial mortgage interest payments. They are campaigning to get a judicial review of the mortgage interest relief changes.

If the government wants to help the private rented sector of the housing market, many landlords believe that this requires both the construction of new rented property and making it easier for buy to let landlords invest in rented properties.

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