City to get build-to-rent homes after £600m investment

A £600m build-to-rent partnership between Legal & General Capital and Dutch pension fund manager PGGM which will provide 3,000 includes at least one scheme in Salford.

The link-up aims to help address the UK housing crisis by increasing the supply of new homes, with LGC particularly planning to disrupt the status quo of ever increasing rental rises by investing long-term institutional funds into building new homes to rent at scale and by developing a UK institutional rental market.

LGC managing director Paul Stanworth said: “The UK rental market, compared to the US and Europe, is dysfunctional, with ever increasing rents and increasingly poor accommodation.

“For this to change and renting to become more affordable, we need to invest in the ‘new’, and build homes to rent, and just stop inflating the prices of old housing stock.”