Housing Minister Brandon Lewis has welcomed the news of two new multi-million pound schemes that will see over 1,000 new homes built in London that will be available specifically for private rent.
The projects have been supported to the tune of £150M under the government’s Build to Rent scheme, which was created to speed up housing provision and help developers to build large scale, quality homes for the private rented sector.
The provision of these 1046 homes are part of the government’s ambitious housing programme that plans to see one million new homes built.
So far, 5,800 homes have been built through the Build to Rent scheme seeing a total investment of £661M.
The schemes will see 636 homes at The Newfoundland Building, Canary Wharf and 400 homes at Ferry Lane, Walthamstow.
Both developments will be located close to underground stations and will include a mix one, two, three-bedroom homes.
Housing and Planning Minister Brandon Lewis said: “As a global city filled with opportunity and links to the rest of the world, there is a real demand for good quality homes available to rent on flexible terms in the Capital.
“These two new deals will provide a big boost to housing and help meet the needs of tenants well into the future.”
Homes and Communities Agency Head of Transactions, Gareth Blacker, said: “This is good example of how the Homes and Community Agency is able to support major cities to create successful places for people to work and live.
“This investment in the capital helps to meet local priorities for housing and growth, supports a wide range of construction professions working on the scheme, and gives greater choice to people who want to rent a high quality home in London.”
Both housing schemes are expected to be completed in 2019.