May 30, 2013
Build To Rent Coming To London
Build to Rent coming to London
The Evening Standard looks at how German-style living is coming to London. It notes that nearly half of Germans live in purpose-built, private sector rental homes, constructed and managed by institutional investors. It says that the German accommodation model is now starting to appear in the UK. The Government is providing property developers with £1bn in direct investment from a Build to Rent Fund and £10bn in loan guarantees to build private rental homes to help ease the country's housing shortage. The first 10,000 homes constructed with this Government backing will appear in 2015, a quarter of them in London. Forty-five developers and housing associations will receive support from the Build to Rent Fund in its first phase. Financial institutions are investing in build-to-rent, including Prupim, which is buying 500 Berkeley Homes-built rental properties in London and the South East. Locations include Saffron Square in Croydon and Woodberry Down, Hackney. Average rents will be £780 a month for studios. Elsewhere, the paper’s homes and property looks at the regeneration projects in London’s Victoria, Albert, and Chelsea embankments.
Evening Standard, Homes & Property, Page: 4, 5, 6