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Bids invited for next £400m Build to Rent pot

Housing minister Mark Prisk has invited bids for a share of £400m to build new homes for private rent.

The second round of funding takes the total amount to more than £1bn offered by the government under the Build to Rent fund to help housebuilders and developers move into the private rental market.

A total of 45 schemes were selected to share a £700m pot in April under the Homes and Communities Agency-managed fund.

In March, the fund was expanded by up to £800m in the Budget, from an initial £200m, due to high demand in the first round of funding bids.

Together with up to £10bn in government housing guarantees, the scheme aims to encourage developments for the private rental market.

The first Build to Rent deal was signed by Crest Nicholson in July for its £500m, 1,600-home Centenary Quay development in Southampton.

Under the deal, a £7.5m package will support the development of 230 homes on the site, 102 of which will be available for private rent.

Homes and Communities Agency chief executive Andy Rose said the private rented sector had a vital role to play in increasing the supply of new homes and said he wanted to see an “even higher level of interest and quality of proposition” for this round of bids.

Bidders are invited to submit expressions of interest, including core information about their propositions, by 31 October 2013.

Expressions of interest should be submitted through the HCA Partner Portal from 16 September.

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