November 28, 2013
Britain’s mainstream banks may be reluctant to lend these days, but a Kuwait-backed Islamic bank is to become one of Britain’s biggest residential landlords with a plan to build 6,600 rental homes and gain from the shortage in decent housing stock. It promises to be one of the biggest privately run home building projects ever. Shariah-compliant Gatehouse Bank hopes to gain from the big shift in the country’s housing market away from buying to renting, as mortgages have become more scarce and unaffordable and prices have risen out of the grasp of many families. Gatehouse already has a £1bn property portfolio across the UK and US.