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Huge £3.5 billion boost for Built To Rent sector

Huge £3.5 billion boost for Built To Rent sector

The Build To Rent initiative – whereby financial and other institutions bank-roll the building of blocks of apartments and then keep ownership and manage the letting of individual units – has taken a huge step forward with the ‘unlocking’ of £3.5 billion of funding.

A deal between the government and PRS Operations Limited, a subsidiary of Venn Partners LLP, has been signed by housing minister Brandon Lewis.

The government’s private rented sector housing guarantee scheme enables landlords of new rented homes to use a government guarantee to secure long-term financing. This is purposely aimed at boosting the supply of purpose built, professionally managed private rental homes – which will, of course, compete with letting agents and buy-to-let landlords who have until now been the backbone of the private rented sector.

This £3.5 billion in government-backed loans will be made available to institutional landlords looking to invest at least £10m for new homes available for private rent.

Venn Partners has created PRS Operations Ltd specifically for the Build To Rent initiative.

By Graham Norwood

Source: http://www.lettingagenttoday.co.uk/1287-huge-3-5-billion-boost-for-built-to-rent-sector

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