PRS Capital have committed to building 3000 properties in the North East by 2020, providing achievable homes for the communities of the North East.
With political parties divided on the success of current housebuilding schemes in the region, PRS Capital are focusing on delivering real results and communities for tenants to enjoy.
With only 350 “affordable homes” built for purchase last year compared to 730 in 2009-2010 and the “right-to-buy schemes” reducing the stock of rented properties, PRS Capital plan to reinvigorate the private rented sector in the North East by increasing the number of rental properties and offering an alternative to affordable housing schemes.
The private rented sector has grown and improved enormously in recent years and accounts for approximately 16.5% of all households, or nearly 3.8 million homes in England. Offering a flexible form of tenure and meeting a broad spectrum of housing needs the private rented sector contributes to greater labour market mobility and is increasingly the tenure of choice for young people.
Recent research by Savills forecasts that the number of private rented houses in England and Wales will increase by more than 1.2m over the next five years with PRS Capital looking to supply 10% of this market.
PRS Capital’s Dean Thompson explains the decision to invest in the North East as “one that made sound financial and business sense. The area is enjoying a period of regeneration with industries and businesses looking to take advantage of the region, PRS Capital’s decision to develop 3000 properties in the North East will help to ease existing housing supply demands as well as support regional growth”.