Thousands of residential properties will be developed and made available for the rent in the UK, thanks to a deal supported by Prime Minister David Cameron.

The news will be welcomed not only by homebuyers, but also the tradesmen throughout the country, such as joiners in Cheshire and builders on the Wirral.

Sigma, the urban and residential specialist, has signed a joint venture arrangement with Gatehouse Bank to launch a roll-out of 2,000 rental properties to begin with, all of which will be in the North West. The estimated development cost stands at around £200 million.

Approximately 550 properties will be developed throughout Merseyside as part of phase one.

Business Secretary Vince Cable and the Prime Minister are both in support of the arrangement, as well as some of the long-term plans which have been put in place. These involve the developing of 6,600 quality homes in the UK, at an overall cost of £700 million.

David Cameron said:

“As part of our plan to help Britain succeed, we are determined to build a rebalanced economy across the country. As we compete in a tough global race, Sigma’s joint venture with Gatehouse is brilliant news for the North West and for Britain, showing that we are open for business.”

The deal will see Gatehouse delivering the venture’s equity, with both partners negotiating with banks for business finance in order to complete the first stage. Once the funding has been secured, it is thought that construction will be completed within 24 months and new homes delivered in various phases.