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Evening Standard: "Wembley housing scheme will be biggest ever 'build-to-rent' development" [Wembley has THREE stations. Just saying.]

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"The thousands of tenants expected  to move into Britain’s biggest ever “build-to-rent” housing scheme next to Wembley Stadium will save it from being blighted by the 'lights-out' phenomenon, property bosses claimed today.

"They revealed that close to 5,000 out of a total 7,000 apartments being built at the Wembley Park development will be for private and social rent.

"James Saunders, chief operating officer at developer Quintain, said he expected at least 95 per cent of the homes to be occupied when they are completed.

"That is a far higher proportion than most conventional 'for sale' housing schemes in London, where large numbers of homes are snapped up by foreign investors and either kept empty for all or part of the year, or rented out as buy-to-lets."

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"Last weekend saw the government announce 'a better deal for tenants'. Could it be that someone in Westminster has belatedly realised that buying a home is no longer a viable option? Because of surging house prices, job insecurity, and no access to a deposit, for many it is nigh on impossible.

"... There exists a specious argument that rent controls cause a stagnating rental market (translation: tenants stay long-term and rents are stable). This theory encouraged John Major's government to pass the regressive 1996 Housing Act to end long-term tenancies.

"But remember this: back in the 80s, a mortgage was two-and-a-half times annual incomes, not eight to 10 times as it is now. Consequently home ownership was a natural stage in life: those who could bought and those who couldn't rented one place for ever. As is right and proper."

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