The UK Government has confirmed a new multimillion pound deal to provide more than 2,000 new homes for rent in key cities in the country.
The £400 million development will be one of the largest private sector investments in the country and of the 2,062 new homes to be built, 323 will be in Birmingham. The remaining homes will be built in Manchester and Leeds.
The project will receive £45 million funding from the government’s new Home Building Fund ─ which makes money available to help kick-start new development and housebuilding.
“Alongside home ownership, we’re determined to create a bigger, better private rental market to offer greater choice for tenants in a country that works for everyone,” commented Housing and Planning Minister Gavin Barwell.
Growth in the West Midlands
The proposed new rental properties add to the surge in new homes over the past few years in the West Midlands – a strong indication that confidence has returned. The total number of dwellings in the region rose by 7,470 in 2015-16, a figure on top of the 6,670 new homes in 2014-15 and 5,180 in 2013-14.
Birmingham itself saw the biggest increase in new dwellings in 2015-16 compared to the previous year. In 2014-15 the city saw 1,810 new flats and houses – a figure which rose by more than 50 per cent to 2,840 this year.
There are now plenty of opportunities for landlords to expand their portfolio or for new landlords to emerge. If you are a landlord of a property in the West Midlands area, new or old, it is important to have a full inventory to minimise tenancy issues and difficulties in the renting process.
Skribes, Birmingham’s leading independent inventory and property services specialists, provide landlords with inventory reports, check-in reports, interim reports, check-out reports and legionella reports.
To find out how we can help make it easier to manage your property, call us today on 07891 551 905 or email info@skribes.co.uk.