Britain’s housing landscape could be set for one of its most profound changes in more than half a century after pension funds confirmed plans to build blocks of homes for private rental in areas of greatest need. Much of the building will be in the South East. Aviva said that it would plough millions of pounds into purpose-built rented accommodation for those priced out of home ownership. Legal & General confirmed that it too has been in talks with the government about funding build-to-let developments of up to 100 homes. This is the first time since before the Second World War that large institutional funds have viewed the private rented sector as a viable long-term investment prospect, coming after house price falls of 20 per cent and an increase in the number of renters brought about by the credit crunch. For current information, see official statistics.
