Wednesday, 20 March 2013

They own land, give them money (2)

Twas truly a budget for everyone today, as alongside the Help to Buy scheme (see earlier post)  and the "improvements" in Right to Buy (see earlier post)  those of you still concerned that there was apparently very little coming forward to help one important group in society (well, apart from those Right to Buy changes which might see some more former social housing ripe for scooping up a few years down the road) can rest easy because...

Private rented fund increased to £1bn

The government’s build to rent programme has been boosted by £800 million. Chancellor George Osborne announced in today’s Budget statement that the fund, which was first announced in the autumn statement last year, would be increased from £200 million to £1 billion ‘to support the development of more homes in England’.

The fund provides equity or loan finance to developers building homes to privately rent. It had previously been hugely oversubscribed.

Ian Fletcher, director of policy at the British Property Federation, said: ‘It’s encouraging the government’s confidence in build to rent has been reciprocated and we are delighted to see that the equity funding was heavily oversubscribed. Working in partnership with government the sector should deliver an exciting and quality array of homes for renters.’


Mark Wadsworth said...

Oh G-d, it never stops.

A K Haart said...

"It had previously been hugely oversubscribed."


Robin Smith said...

My advice is to get in on the act and stop moaning.

No one can get out of being a rent seeker. Even a coal miners wage is divided up by what has been earned and a little bit of rent.

So one may as well go full tilt and start investing in distressed mortgage assets and cash in even more on this windfall financing.

This is the system. This is The Game