The UK's housing minister has announced that the government is now looking for tenders to bid for a share of £400 million to construct homes that will be earmarked for private rent.

Mark Prisk, MP for Hertford and Stortford, said that this cash comes from the £1 billion Build-to-Rent fund, which has so far been a massive success.

It will provide both developers and investors with the financial support needed to expand into what could be a very lucrative market.

Mr Prisk said that now is a good time for this announcement because the housing industry is "turning a corner", adding that starts are up by a third compared to last year.

"But I want to go further, which is why I’m inviting bids for a share of up to half a billion pounds to help build a bigger, better private rented sector," he went on to say.

"This funding, combined with up to £10 billion in our housing guarantees schemes, will help build on successes like Centenary Quay in Southampton to offer greater choice and quality for tenants across the country."

The government is big on investment in building homes designated specifically for renting and already its Build-to-Rent fund is opening up so many new possibilities.

Some of its past achievements include the construction of 334,00 new homes in England over the last three years, a tremendous feat given that this has occurred against a backdrop of economic volatility.

Boris Johnson, mayor of London, said that with around a quarter of the city's residents already living in rented accommodation, the growing demand for such properties means there is ample opportunity to support the development of tens of thousands of new homes in the capital.

"By releasing land and working with institutional investors, we are working hard to accelerate delivery in the purpose-built private rented sector," he continued.

"I welcome this fund which will not only provide more homes for working Londoners, but also deliver much needed construction jobs and will underpin this city’s future economic growth."

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