Private Rented Housing: Construction

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

Alert me about debates like this

Photo of Emma Reynolds Emma Reynolds Shadow Minister (Housing)

To ask the Secretary of State for Communities and Local Government, what funds his Department has allocated to the Build to Rent scheme; and how much has been lent under that scheme to date.

Photo of Emma Reynolds Emma Reynolds Shadow Minister (Housing)

To ask the Secretary of State for Communities and Local Government, how many (a) developments and (b) homes have (i) been started and (ii) been completed under the Build to Rent scheme since the start of that scheme.

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 investment. The fund is market- led and the response has been strong.

By December 2014, contracts to the value of £177 million had been agreed, to deliver over 2,000 homes. Almost 600 homes had already started on five schemes, with 129 completions at this very early stage in the programme.

By March 2015, we estimate contracts will have been agreed up to the value of £819 million, delivering over 8,300 homes, followed by up to a further £246 million worth of deals (for over 2,100 homes) to be agreed during 2015.

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.

The hon. Member will no doubt try to nit-pick with the success of this novel and ground-breaking scheme, given the Labour Party seeks to oppose every single scheme we have to build new homes. But I would observe that the Labour Party’s plans for excessive red tape and new regulation on the private rented sector would scare away institutional investment and cut spending on new build rented homes.

Does this answer the above question?

Yes1 person thinks so

No1 person thinks not

Would you like to ask a question like this yourself? Use our Freedom of Information site.