The Government today called on major financial institutions to follow the lead of institutions in the US and the Netherlands in order to boost the private residential rented sector.
DTLR Secretary Stephen Byers made the announcement at a keynote speech on housing to the Social Market Foundation today. Byers said that the Government was committed to seeing more private renting, which should be provided “on a large scale” by financial institutions, as in the US and the Netherlands.
“We want a long-term commitment from investors who recognise that building for rent can be an intrinsically sound business proposition and reasonably low risk.”
Byers said that the Government would provide 100,000 new or improved low-cost homes over the next three years, including those provided by planning gain. He also said that he would clamp down on landlords who provide unfit housing, adding that he will use his planning powers to “lever in more affordable housing” into new developments.
The Minister last week made a speech pledging a “radical overhaul” of planning via a thinktank, the Institute for Public Policy Research, and has made it clear that he will be taking the lead in key property issues.
A DTLR insider said “We haven’t had a Secretary of State take such an interest in housing or planning for a long time. It’s clear that he wants to put these issues to the top of the agenda.”
EGi News 02/08/01
