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Bidding opens for private landlords' subsidies

13 Sep 13 The government has opened bidding for the second round of its funding programme to subsidise property developers building homes to rent.

Crest Nicholson’s Centenary Quay development was a first round winner
Crest Nicholson’s Centenary Quay development was a first round winner

In the second round of Build to Rent funding, £400m of public money is up for grabs as a way to encourage speculators into the private rental market

In July, the first Build to Rent deal was signed, for part of Crest Nicholson’s £500m Centenary Quay development in Southampton. As part of a £7.5m subsidy package, 102 of the 1,600 homes that are being built on the former Vosper Thorneycroft marine works will be for private rent.

Housing Minister Mark Prisk said that the government wanted to offer more choice and flexibility to private sector tenants. He said that bids for the Build to Rent fund should support longer-term tenancies as part of the mix of accommodation being provided under the scheme.

Round 2 bidders are invited to submit expressions of interest, including core information about their propositions, by noon on 31 October 2013. More details are available on the Homes & Communities Agency (HCA) website.

HCA chief executive Andy Rose said: “The private rented sector has a key role to play in increasing the supply of new homes. There was strong appetite the first time round and we are looking forward to seeing an even higher level of interest and quality of proposition this time.”

Chairman of the government's private rented sector 'taskforce', Andrew Stanford, said: “There is considerable momentum building in the new private rented sector. The second round of Build To Rent funding will be a further significant boost to kick-starting the sector.”

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