New deal unlocks £400 million of development in Northern cities

December 1, 2016 / Isla MacFarlane
New deal unlocks £400 million of development in Northern cities

A new multi-million pound deal to boost housing in key cities will provide more than 2,000 homes for private rent and create thousands of jobs, Housing Minister Gavin Barwell has announced.

This latest private rent deal will unlock £400 million of development, under the government’s programme to increase investment in purpose built rental properties, and will grow the amount of good quality rental homes in Leeds, Manchester and Birmingham.

The project is one of the largest private rental sector investments in the UK and will receive £45 million funding from the government’s new Home Building Fund ─ which makes money available to help kick-start new development and housebuilding.

Housing and Planning Minister Gavin Barwell said, “Alongside home ownership, we’re determined to create a bigger, better private rental market to offer greater choice for tenants in a country that works for everyone.

“This is one of the largest private rental sector deals in the UK and will not only create thousands of homes for people in Birmingham, Leeds and Manchester – it will create jobs and opportunities for many hundreds of people.”

Sir Edward Lister, HCA Chairman, said, “This massive investment, one of the largest private rented deals this year, shows our determination to get builders building and substantially grow the market in this country.

“We’re working on a number of other deals, with builders of all sizes, and we’re also using our investment and land to attract new entrants to the industry.”

It is estimated that up to 1,500 new construction jobs could be created across the three cities from the deal which will provide 2,062 rental homes.

PICTURE CREDIT: Tim Green

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