An action plan requesting development of 25,000 new homes to be ‘Built-to-Rent’ has been put to Housing Minister Brandon Lewis by a team of developers and investors.
The document, titled the ‘Better Renting Campaign’s Letter’ claims the development of properties purposely to rent rather than to sell could be the answer to the government’s pledge to build a million homes by 2020.
According to the document, currently house builders are struggling to build enough properties in order to fulfill the quota, however, the support of corporate landlords could bring £50 billion of new money into the sector. There have also been calls for the additional three percent stamp duty to not be levied against Build-to-Rent properties.
As well as pointing out the financial benefits, the document asks ministers to allocate certain amount of public land for Build-to-Rent developments, noting that local councils and public landowners would benefit from long term rental income which in turn would allow them to fund additional public services.
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