Private rents in Brent soar 33.9% in a year ONS statistics show

Source

Figures released by the Office for National Statistics (ONS) for the period to June 2024 show that since June 2023 there has been a 33.9% increase in private rents in the borough.

 

This compares with a maximum increase of 3.8% (for flats) in houses purchases over the 12 month period.

 The latest statistics confirm the problem that Brent Council faces due to the rise in private sector rents when looking for accommodation for homeless families.

They also challenge the claim that the increase in the number of built to rent homes in the borough, let at market rents, will via market pressures reduce rents overall.

On the basis of house prices there appears to  be an economic case for owers of detached houses to convert their property into flats as we have seen in corner site properties in the Salmon Street area of Kingsbury.

Now the government hands Quintain £76m loan

Housing Minister Alok Sharma and Quintain's Head of Communications Harriet Park

 Hard on the heels of Brent Council's decision LINK to spend £17.6m of Community Infrastructure Levy (CIL) on public realm infrastructure in the Quintain development comes news that the UK government is to loan Quintain £76m to provide infrastructure for its Wembley development.

Quintain, owned by Dallas based private equity company Lone Star LINK seems to be doing quite well from both local and national government.

Announcing the loan, housing minister Alok Sharma said: “Developments like Wembley Park are a great example of…boosting the choice and quality of homes on the market.” Sharma also promised to relax planning regulations to allow more such schemes.
 
Quintain Chief Executive Angus Dodd, said: “This £65m government loan will be match funded by Quintain to provide a £130m infrastructure investment into Wembley Park to deliver new car and coach parking, an energy centre and the first phase of the new seven-acre public park. Not only will this funding allow these critical elements to be brought forward, it will also support the more rapid delivery of new homes.”

The new homes in question are 7,600 new flats of which 6,800 will be for private rent. It is the UK's biggest development of homes built specifically for private rent. These homes will not be affordable for Wembley residents earning the average local income.