Marnix Elsenaar, partner and head of planning at City law firm Addleshaw Goddard, has welcomed guidance issued by the Department for Communities and Local Government (DCLG) to local authorities on the Build to Rent sector.
Entitled ‘Accelerating Housing Supply and Increasing Tenant Choice in the Private Rented Sector: A Build to Rent Guide for Local Authorities’, the guidance is intended to support the work done by the Coalition government in encouraging the emergence of a professional PRS.
In 2012 the Government commissioned the Montague Review to look at how to remove barriers to long-term institutional investment in the private rented sector. It response to the review’s recommendation, the Government launched a number of initiatives aimed at kick-starting the sector and the development of purpose built long-term market rental housing schemes (Build to Rent).
This includes the £1bn Build to Rent Fund, Private Rented Sector Debt Guarantee Scheme and Private Rented Sector Taskforce, which have all have stimulated considerable interest in the sector.
This guide has been instigated following considerable Private Rented Sector Taskforce Local Authority engagement.
Marnix Elseenar, head of planning at Addleshaw Goddard, said:
“This is a welcome move which underpins the Coalition’s commitment to nurturing the institutional rental market. Clearly there’s huge opportunities for councils to encourage greater development, not least because of the swathes of brownfield land they own. With private renters exceeding 40% of households in many central urban areas, create a greater supply of homes specifically for the silent majority caught between social housing and ownership will be of increasing importance to the next government.”