More than 500 homes to be built for the rental market

Posted: 07 Sep 2010 09:40:55 GMT

The British Property Federation (BPF) has welcomed the announcement of a new deal that will create hundreds of homes for rent in the south of England.

Berkeley Group will construct 1,778 new properties in total and 555 of those will be set aside for rental purposes using the Homes and Communities (HCA) private rented sector scheme.

The HCA will provide £45.6 million of funding to Berkley and in return it will have a 20 per cent interest in the value of the dwellings that will be available to lease.

Chief executive of the BPF Liz Peace said the move shows financial numbers can be "made to work".

"The approach should be considered by local authorities, alongside similar innovative approaches such as that used in Birmingham, as potential housing delivery models to explore," she added.

Earlier this week, Mark Garner, director and founder of LettingZone, suggested individuals who are looking to rent should expand their search area in order to ensure they get a good deal.
 

© Houseladder Ltd