18/04/2013 10:35 AM
The £1 billion scheme will reportedly help fund thousands of new homes, with Mr Prisk revealing he expects construction on up to 10,000 to be underway by 2015.
However, with around one in four of these planned residences in the capital, firms and individuals around the country may be forgiven for wondering where else is likely to benefit from the government cash?
The scheme is aimed at assisting developers to get sites built specifically for private renting off the ground and the budget was recently raised from £200 million as a direct result of the overwhelming interest it attracted.
It was revealed that this first round of 45 projects will compete for a share of £700 million, with the remaining money kept back for a second wave later in the year, the housing minister explained.
While each project will now be subject to due diligence procedures, it is expected that organisations such as the Genesis Housing Association and Crest Nicholson will create between 8,000 and 10,000 new rental homes across the country.
"This government is determined to get Britain building, and the Build to Rent Fund is set to help us deliver, with up to 10,000 new homes to be built from these projects," Mr Prisk said in a statement yesterday (April 16th).
"We've seen overwhelming demand for the fund, and it's become clear that there's a real appetite for rental investment. We want to support that, which is why we've made a £1 billion Budget boost to the fund."
He added that the new projects will also provide a basis for mapping an "almost uncharted market" and should improve quality and choice among rental properties.
Mayor of London Boris Johnson praised the announcement and noted that there is a need to provide the capital with new homes as a direct result of its population growth.
Applicants include Climate Energy Homes, Carillion-Igloo, Bovis Homes, Mount Anvil, Taylor Wimpley and South Yorkshire Housing Association, but it is as yet unclear as to which towns exactly will benefit outside of the capital.
One London area which could possibly be handed some of the cash is Notting Hill - thanks to the presence of Notting Hill Housing on the list.
The trendy district in north-west London also received a recent boost when it was revealed that a contract worth £5.5 million has been issued to ISG to build a mixed-use site that will include luxury housing and office space.
Contact us for a security fencing quote.