22 Mar

Property sector welcomes increase in funding for build-to-let

Property sector welcomes increase in funding for build-to-let

Buy-to-let landlords may soon see an increase in competition, after the government announced on Wednesday (March 20th) that there is about to be a significant increase in the funding available to provide more brand new houses for the rental sector.

The chancellor George Osborne said as part of his Budget speech that Westminster will increase the build-to-let financial assistance from its current level of £200 million to £1 billion.

The boost of £800 million is earmarked to get developments off the ground and help meet demand for affordable housing in the current market where the average rental price stands at £731, according to LSL Property Services.

After the announcement, many organisations backed the government's intentions, and Robert Bartlett, chief executive officer of Chesterton Humberts, said: "I applaud the chancellor's commitment to housebuilding, demonstrated by his move to expand the build to rent fund to £1 billion to support new development and double the affordable homes guarantee programme."ADNFCR-1222-ID-801561299-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.