The Grosvenor property group will build up to 11 rental homes in Britain , south-east London to meet growing demand for long-term rentals among young professionals. It blamed Brexit and the increase in stamp duty on luxury properties. The company plans to construct up to 11 blocks on the site of a former biscuit factory that it will rent to people on "low and middle incomes" who can't afford to buy in London 's housing market, said the CEO for London and Ireland , McWilliam . Some flats' rents will be discounted by Southwark council . The £ 500 m affordable housing project will be a "rental product, not an investment product" and will target local residents and Grosvenor added.
The Grosvenor property group will build up to 11 rental homes in Britain , south-east London to meet growing demand for long-term rentals among young professionals. The company plans to construct up to 11 blocks on the site of a former biscuit factory that it will rent to people on "low and middle incomes" who can't afford to buy in London 's housing market, said the CEO for London and Ireland , McWilliam . Some flats' rents will be discounted by Southwark council . The £ 500 m affordable housing project will be a "rental product, not an investment product" and will target local residents and Grosvenor added.