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03/08/2017

Wembley build-to-rent scheme gets £65m boost

Words: Laura Edgar
Land transaction tax / Shutterstock_195196565

Housing and planning minister Alok Sharma has announced that the government will give £65 million to a Wembley Park development that is delivering homes specifically for private rent.

The deal aims to help unlock more than 7,600 new homes at the build-to-rent development at Wembley Park, in Brent, London. At least 6,800 homes will be for rent.

The announcement follows the publication by the government of the summary of responses to its consultation on Planning and Affordable Housing for Build to Rent (pdf).

The measures include changing planning rules so councils “proactively” plan for more build-to-rent schemes and making it easier for build-to-rent developers to offer affordable private rent in place of other types of affordable homes.

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.

“Developments like Wembley Park are a great example of doing just that, boosting the choice and quality of homes on the market – meeting the needs of renters in cities and towns across England.”

The Wembley Park development is backed by a loan from the government’s £3 billion Home Building Fund. It is expected to bring 8,000 jobs to the area and support infrastructure to free up land for development.

It will be delivered in phases over the next seven years.

Image credit | Shutterstock

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