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Mark Prisk: build to let crucial to UK's future housing needs

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Mark Prisk: build to let crucial to UK's future housing needs

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Published by Max Salsbury for 24dash.com in Housing and also in Central Government, Development

Mark Prisk: Mark Prisk: "I am going to be focused on delivery"

The housing minster Mark Prisk will today say that the Government's build to let scheme is crucial to meeting the UK's future housing demand.

He will be joined by shadow housing minister Jack Dromey at the British Property Federation (BPF) Residential Conference, who will underline Labour's support for the growing sector.

Mr Prisk will claim that the policy, which provides a £10bn debt guarantee and a £200m equity finance for house builders and developers, will encourage a wider range of investors to build homes for private rent.

The BPF was part of the nine-strong industry panel that advised the government commissioned review into why institutions did not invest in rented housing, led by Sir Adrian Montague.

It has urged the Government to accept all of the review’s recommendations, including providing local authorities with specific guidance on the planning treatment of build to let which clarifies that councils are able to take into account viability considerations.

Mr Dromey will tell the conference: “Labour’s vision for private renting is of a strong and vibrant sector that is able to attract investment for the long-term but also a reformed sector that meets the needs of those living in it now and in the future, who do not want or currently cannot buy their own home.

“We do not see greater protections for renters and landlords in the sector as a barrier to investment but a pre-requisite for it. If the private rented sector is to be one of choice it must meet the needs of those living in it not least the 1.1 million families with children.”

Sean Oldfield, chief executive of Castle Trust, is also speaking at the conference. He will say: “UK housing has provided excellent risk-adjusted returns over the years but investors have previously only been able to access it through buy-to-let. 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.”

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