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Buy to let insurance: Landmark deal to create 555 new rented homes
06 Sep 2010
The British Property Foundation (BPF) has welcomed a deal between a house builder and the Homes and Communities Agency (HCA) that will create 555 new homes for rent by June 2012, which may interest landlords seeking buy to let insurance.
Berkeley will reportedly be the first residential developer to commit to the HCA's private rented sector initiative, which gives it access to essential funding from the agency.
Under the agreement, Berkeley will receive £45.6 million of HCA funding, allowing it to construct 1,778 new properties in the south of England, with a Private Rental Fund being established to purchase 555 of them to be rented on the open market.
Liz Peace, chief executive of the BPF, said: "This is excellent news and something upon which the BPF has campaigned for a long time. The HCA and Berkeley deserve huge credit for finalising this deal, which will deliver new homes in areas of high demand in difficult times."
Last month, LettingZone claimed that soaring demand for buy to let property was allowing landlords to keep increasing their rent amounts.
Posted by Jonathan Walker
