Plans put forward for new housing scheme in Faygate

A developer and investor have decided to join forces in order to build and let 227 new private rented sector (PRS) homes in Faygate, three miles west of Crawley town centre, a recent news report in the local media has been able to reveal.

M&G Real Estate and developer Crest Nicholson have partnered to build a new development known as Kilnwood which forms part of a wider 2,400-home regeneration scheme in Crawley by Crest Nicholson.

Chris Tinker, executive board member for Crest Nicholson, added: "Stimulating new housing markets such as the private rental sector is the only way that the government will be able reach the 240,000 new homes Britain needs each year.

"Purpose designed PRS schemes such as this in Faygate will enable developers to bring forward and increase the rate of housing delivery on major sites and Crest Nicholson estimates that such schemes will enable it to build on average 250 PRS homes per year across its portfolio.

"As home ownership falls to its lowest level for a quarter of a century with almost 40 per cent of Brits renting, these professionally owned and managed schemes will also help to increase the quality and ease pressure on the rental market."

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