Out-Law / Your Daily Need-To-Know

Two new developments will create 1,000 new rental homes in London

07 Jun 2016, 2:48 pm

Two multi-million pound schemes will deliver 1,046 new rental homes in London. The two schemes have obtained over £150 million in funding and are the most recent deals under the government's Build to Rent scheme.

UK housing Minister Brandon Lewis has welcomed the schemes.

One scheme is at The Newfoundland Building, Canary Wharf where 636 new homes have been allocated to rental. The second development is at Ferry Lane, Walthamstow with 400 new homes. Each development will provide a mix of one, two and three bedroom homes.

The government said that the Build To Rent scheme supports a "package of government measures to deliver one million new homes to boost housing supply and help local economic growth".

Over 5,800 new homes have been provided under this scheme to date, a total investment of £661m.

Homes and Communities Agency head of transactions Gareth Blacker said: "This is good example of how the Homes and Community Agency is able to support major cities to create successful places for people to work and live."

"This investment in the capital helps to meet local priorities for housing and growth, supports a wide range of construction professions working on the scheme, and gives greater choice to people who want to rent a high quality home in London," said Blacker.

Planning expert Susanne Andreasen of Pinsent Masons, the law firm behind Out-Law.com, said "The private rented sector in London continues to grow, with over a quarter of the capital's homes now being rented privately. This emphasises the need for the new mayor Sadiq Khan to deliver on his promise to implement new regulatory measures for the rental market to provide better protection to tenants and landlords alike".