London-based developer Essential Living has defended the Build to Rent fund following claims the government was set to miss its target of using the money to deliver 10,000 new homes for rent.
Essential Living, which secured financing from the Build to Rent fund for its Archway and 3 Colts Lane schemes, said the planning system is largely responsible for less than half of the homes promised being delivered.
COO Martin Bellinger said the fund had given the emerging Build to Rent sector a considerable boost and was crucial to unlocking institutional investment.
Martin Bellinger, chief operating officer of Essential Living, said:
“The Build to Rent fund has been a very welcome boost to the sector and any criticism that it has failed to deliver is unfair. The realities of planning mean that many schemes take time to get through the system and it is this that has broadly delayed many schemes.
“The government has a commitment to building new homes and unlocking institutional funding through Build to Rent will be crucial in achieving this.”