Private Rented Housing: Construction

Department for Communities and Local Government written question – answered on 23rd February 2015.

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Photo of Emma Reynolds Emma Reynolds Shadow Minister (Housing)

To ask the Secretary of State for Communities and Local Government, how many applications under the Build to Rent scheme have been (a) received, (b) accepted and (c) refused from (i) private developers, (ii) housing associations, (iii) housing co-operatives, (iv) local authorities and (v) other entities.

Photo of Brandon Lewis Brandon Lewis Minister of State (Communities and Local Government)

The Build to Rent fund provides development finance to support the creation of a purpose-built private rented sector, backed by institutional private investment. The fund offers finance on a commercial basis, with returns to Government being realised upon refinancing or sale of a developer’s interest to an institutional investor. The fund is market- led and the response has been strong.

In the first round, the Homes and Communities Agency shortlisted 43 bids: 22 were approved subject to conditions being met (4 registered providers, 2 public limited companies, 12 private companies, 4 others); 16 bids were withdrawn during the process of scrutiny during the shortlisting; 5 bids from private companies were rejected.

In the second round, 36 eligible bids were originally shortlisted (1 registered provider, 5 public listed companies, 26 private companies, 4 others); 3 private bids have been approved so far; the consideration of the other shortlisted bids is ongoing.

We estimate that the Fund will this year be committed in full, and I can confirm that the programme is on course to meet our 10,000 homes target.

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