Liverpool and Greater Manchester is set to benefit from new rented accommodation as part of a government initiative.

Business secretary Vince Cable announced a £700 million inward investment agreement that will see the creation of up to 6,600 private rented homes in the UK. The deal is part of a joint venture with residential and urban regeneration specialist, Sigma Capital Group, and the initial 2,000 homes have already been earmarked for Liverpool and Greater Manchester.

The government is aiming to provide a sizeable boost to the country's private rented sector while also allowing people to get their first foot on the property ladder. Sigma is being backed through international investors, Gatehouse House, and was brought to fruition thanks to the UK Trade and Investment's Regeneration Investment Organisation.

Mr Cable said: "The UK's inward investment is booming, growing by 11 per cent last year alone. We want to be even more ambitious and make sure that any new investment is spread right across the country - not just in London and the south-east.

"By ensuring each region has access to good finance opportunities, UKTI’s Regeneration Investment Organisation will help all the UK's regions fulfil their full potential, helping to build a stronger economy and a fairer society.”

The first phase in the north-west will see the 2,000 residential units spread across 22 sites, which have been already identified, in Greater Manchester and Liverpool. It will cover around 90 acres and officials have estimated the cost to be around £200 million.

Liverpool Council recently announced an initiative which allowed people to purchase vacant houses in areas such as Granby for just £1. In October 2013, the first property was sold and under the agreement owners must redevelop the house and live in it for at least five years. Over 1,000 people have applied for the scheme so far for the 20 homes.

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