The government has thrown its weight behind the largest UK Build to Rent site.
The deal will help to unlock over 7,600 new, high quality homes at the Wembley Park development in London, with at least 6,800 of these homes will be for rent.
The government backs the product as a way of helping those “currently priced out” of the rental market.
Measures included in the proposals to boost the Build to Rent sector include changing planning rules so councils can “proactively plan for more Build to Rent homes”.
There is also a push from government to introduce more “family friendly” three year tenancies, which they hope will provide more security for renters.
The plans also look to make it easier for developers of Build to Rent to offer private affordable rent in place of other affordable tenures.
The proposals follow on from the Housing White Paper, released earlier in the year.
The sector is expanding, with 80,855 homes either completed or planned in England.
The industry estimates investment in the private rented sector could grow to £70bn by 2022. This could provide a further 15,000 homes each year – with the potential to reach at least 240,000 homes built specifically for private rent – by 2030.
Housing and Planning Minister, Alok Sharma, said: “Whether renting or owning all families should have the security they need to be able to plan for the future.
“That’s why as part of our plan to fix the broken housing market we’ve been taking action to create a bigger and better private rental market, supporting new Build to Rent developments so that tenants can have greater choice.”
Homes and Communities Agency (HCA) Chief Executive Nick Walkely said: “This autumn, the HCA will relaunch as Homes England with the ambition of creating a better housing market. We’re determined to get more homes built now and increase the rate of future development.
“This development is a fantastic example of how we fund vital infrastructure to speed up the construction of much-needed quality homes for people to rent.”
The Wembley Park development is backed by a loan from the government’s £3bn Home Building Fund. It will bring over 8,000 jobs to the area and support infrastructure to free up land for development.
Delivered in phases over the next 7 years, the flats will include a mix of studios, 1, 2 or 3-bedroom properties, all located closely to the underground station.
The site next to the National Stadium will also include up to 2,350 affordable homes.