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Buy To Let

Build to Rent fund quadrupled to £1bn

Julia Rampen
Written By:
Julia Rampen
Posted:
Updated:
21/03/2013

The government is boosting Build to Rent funding to £1bn in the hope of increasing the supply of rented housing.

Cash in the fund, a commercial investment where risk is shared with the public sector, will multiply by four as a result of measures set out in the Budget. It can be used to cover developer’s bills such as land, construction or management costs while building property for private rent.

National Landlords Association chief executive Richard Lambert welcomed the significant increase in funding: “This is an acknowledgement of the evolving and increasingly important role of the private-rented sector in the UK’s housing market and we look forward to this initiative providing more good quality affordable accommodation for rent.”

LSL Property Services commercial director David Brown said: “While schemes for first time buyers will be very welcome, it’s the private rented sector that’s increasingly picking up the slack and having to support more and more tenants. Demand is astronomical, and tenant numbers look set to increase even further this year.”

“For this generation of renters, anything that can help landlords invest in property will be greeted with open arms.”