The U.K. should take steps to encourage large-scale investment in build-to-rent housing to meet soaring demand, a government-commissioned report said.
Proposals published today by 3i Group Plc, an international investor company, Chairman Adrian Montague said local councils should use flexibility in the planning system to enable developments of privately rented homes, including the waiving of rules requiring a quota of affordable homes for low-paid workers in every new development. Disused buildings and government land should be released for build-to-let developments, he said.
"My review shows that the rental housing sector offers potential investment opportunities", - added chairman Adrian Montague.
Housing Minister Grant Shapps, responding to Montague’s report, said the government is determined "to encourage greater investment in the build-to-let market and boost the country’s private rented sector, which plays an integral role in meeting the nation’s housing needs and aspirations." He said the government would set out its detailed response to the recommendations later this year.
Source: http://www.bloomberg.com/news/2012-08-22/u-k-urged-to-seek-investment-to-boost-build-to-let-housing.html