Private Rented Sector homes funding increased
March 25, 2013
The Chancellor of the Exchequer, George Osborne, has announced that, as part of the 2013 Budget, the Build-to-Rent fund will be increased from £200 million to £1 billion.
Osborne stated that the initial fund, aimed at providing support for the development of new Private Rented Sector homes, had been oversubscribed.
A statement from the Department for Communities and Local Government (DCLG) said: “The extra funding will help meet this surge of interest and deliver thousands of extra homes.”
Ian Fletcher, director of policy at the British Property Federation, said: “It is encouraging the government’s confidence in build to rent has been reciprocated and we are delighted to see that the equity funding was heavily oversubscribed. Working in partnership with government the sector should deliver an exciting and quality array of homes for renters.”
Osborne also said that the government would provide an additional £225 million to support its initiative to provide £10 billion in loan guarantees to housing providers.
For all the information on this scheme please visit the Gov.uk website.