Mortgage News
Build to Rent to deliver new homes to South and East of England
Housing minister Kris Hopkins has signed a deal to deliver new build homes for private rent in six towns in the South and East of England.
This is the third deal to be agreed as part of the government’s £1bn Build to Rent scheme which is aiming to start the construction of 10,000 homes by 2015.
Housing minister Kris Hopkins said: “Millions of people use the flexible option of renting in the private sector.
“I want to ensure tenants have a choice of high-quality homes rented under reasonable terms.”
The scheme will release £8.7m to investment fund Mill Group which will partner with Bovis Homes to build 190 homes for private rent.
The team will build 110 houses and 80 apartments across Horsham, Bristol, Brockworth in Gloustershire, Southampton, Cambridge and Hemel Hempstead.
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The Build to Rent fund is designed to help developers build large scale, quality homes specifically for the private rented sector.
Construction has already started in Manchester and Southampton and 17 more projects are either in the final stage of due diligence or the contracting stage.