Thursday, 12 June 2014

PRS fast becoming a revolution

Quintain is the latest property company to shift its focus to the Private Rented Sector. The developer and investor now plans to build around a third of its 5,000 homes at Wembley Park as PRS units, creating a £500m portfolio to match Get Living London's East Village scheme - a joint venture between Delancey and Qatari Diar - which launched in October last year.
Last month, asset manager Invesco made its PRS debut with a £32.5m buy at the Old Vinyl Factory development in Hayes, and in April, housebuilder Regal Homes announced its first PRS with the acquisition of a 101 unit site in Dalston, east London.
With more professional landlords emerging and new schemes underway, this growing trend is set to revolutionise the way people live and rent in the UK by offering fully-furnished, managed accommodation to the masses.
Commenting, Andrew Clark, Managing Director at David Phillips, said: "The latest announcements prove that big changes are happening in residential property. Investors are looking to generate long-term income through multi-unit residential schemes that offer people a new form of tenure, one that is hassle-free where all their needs are catered for.
"We have been managing the furnishing side for some of the biggest and best private-rented schemes in London. New specialists, such as Get Living London and Fizzy living, are offering furnished homes with a maintenance service, Wi-Fi, and sometimes a resident's gym included in the price, while there are also optional extras such as cleaning, utility bills payment and Sky TV."
"Owning a property is a great investment but it comes with a lot of responsibility too. These new schemes give people a desirable alternative - where they rent out of choice rather than sufferance - and we are delighted to be part of this revolution."