Prisk’s £400m offer for new private rent homes

Housing minister Mark Prisk has invited bids for a £400 million fund to build new private rented sector (PRS) homes.

The money is part of the government’s £1 billion build to rent fund, which offers support to developers and investors looking to move into the PRS.

Prisk said the scheme, alongside up to £10bn in government housing guarantees, will encourage people to invest in the “untapped” PRS – which he claims will offer greater choice and quality of homes for prospective tenants.

In July, a project to build hundreds of homes as part of Southampton’s Centenary Quay development became the first build to rent deal to be signed.

Prisk said: “The housing market is turning the corner, with starts up a third compared to last year, and over 25,000 households helped into home ownership since 2010.

“But I want to go further, which is why I’m inviting bids for a share of  up to half a billion pounds to help build a bigger, better PRS.”

Build to rent is one of several schemes the government has launched in an effort to get new homes built.

It has claimed a number of successes, including:

  • 334,000 new homes built in England over the past three years, over 150,000 of which are “affordable”.
  • Over 25,000 households helped into home ownership through schemes such as help to buy, NewBuy and the redesigned right to buy.

Andrew Stanford, chairman of the private rented sector taskforce, said: “There is considerable momentum building in the new PRS. The second round of build to rent funding will be a further significant boost to kick-starting the sector. The taskforce is here to help bring partners together throughout this phase of funding.”

Article courtesy of 24Dash

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