Build-to-rent is the way forward for the UK property market, according to Housing Minister Mark Prisk.
The British Property Federation (BPF) Residential Conference will hear that build-to-let is necessary for the future of the UK’s property market today (February 27th).
Housing Minister Mark Prisk and Shadow Housing Minister Jack Dromey are expected to speak at the event, saying the government’s build-to-let policy will boost the number of investors to construct properties that can be then let out.
This policy will provide £200 million equity finance for housebuilders and developers, and a £10 billion debt guarantee to encourage more construction activity in the UK housing market.
Sean Oldfield, Chief Executive Office at Castle Trust, said: “Providing accessible, diversified investment opportunities in a tax-efficient manner is critical to help unlock the UK’s biggest asset – residential housing – for retail investors.”
The BPF gave its assistance to the government commissioned review into the build-to-let sector, and urged it to accept the recommendations outlined in the review. These included giving specific guidance to local authorities on planning build-to-lets.
Mark Dickinson, Managing Director Development of Lend Lease, also emphasised the importance of adding more properties to the housing market. He stated the private rental sector can “play an important role in meeting the UK’s housing needs”.
He went on to say: “It is crucial that we find the means to delivery high-quality, sustainable homes through partnership and institutional investment.”
Hometrack also recently stated the industry needs to consider new strategies, such as ways to support the build-to-rent market, in order to maintain output and profitability in the next few years.