New homes built in Doddington, Cambridgeshire, are giving local people the chance to take advantage of an innovative ‘rent to buy’ option. This has been made available thanks to a successful new partnership between Rentplus and King Street Housing (part of Aldwyck Housing Group), Fenland District Council and Larkfleet Homes.
Mayor of Cambridgeshire and Peterborough Combined Authority, James Palmer, joined local elected officials, representatives from King Street Housing and Aldwyck Housing Group and developers, Larkfleet, for the official opening of the new Rentplus development in Doddington.
Mr Palmer welcomed the opportunity of bringing Rentplus into Cambridgeshire and Peterborough and talked about the need to develop affordable ‘rent to buy’ housing to meet the demand of the growing workforce, saying: “Rentplus is a fantastic opportunity. I am really pleased it is happening here. I hope this is the first of many developments.”
Four new two and three bedroom Rentplus homes ‘rent to buy’ homes on Witchford Close, part of the Wimblington Road Doddington development site, are the first of the innovative ‘rent to buy’ schemes in Fenland. Rentplus has already proved popular with working families hoping to own their own home across the South of England and the East Midlands.
The homes will be managed by King Street Housing who will also support the families in their journey from renting to owning their new homes.
“We are delighted to offer the first rent to buy properties in the area with Aldwyck Housing Group and King Street Housing. Our families are aspirant home owners, often trapped in high rental accommodation which eats their income, leaving them unable to save for a deposit or clear any debt history. This makes it impossible to access other home ownership products. Rentplus helps them to fulfil their dreams of homeownership while offering them the safety and security of a long-term rental tenure, giving them space to build up some savings whilst setting down roots in their local community. I hope that this is the first of many schemes to allow us to deliver more affordable rent-to-buy homes here in Cambridge and across the East of England.” – Steve Collins, CEO Rentplus
Craig Glasper, Aldwyck’s Executive Director of New Business and Managing Director of King Street Housing: “This is a great example of how, by working together, we can bring new types of property to the area. This initiative offers a fantastic opportunity for people to move into home ownership following a period of renting their home at an affordable level.”
The rent to buy option from Rentplus offers an accessible route to homeownership for lower or middle income working people who are unable to save for a deposit. Customers pay an affordable intermediate rent which is substantially lower than market rents in the area. The rent service charges are included, and with no maintenance responsibilities and lower outgoings, occupants can save for a deposit and build a credit history to support mortgage applications. They then have the option to purchase their home after 5, 10, 15 or 20 years, at which time Rentplus gifts them a cash sum of ten per cent of the market value of the house towards their deposit.
Situated within easy reach of Cambridge and Peterborough, the new homes are within the village of Doddington, a vibrant traditional community situated in the heart of Cambridgeshire Fenland. Doddington has a real village and community feel with plenty going on. The many footpaths around the village allow residents to soak up the fantastic Fenland views, and the RSPB reserve at Ouse Washes and the Welney Wildlife centre are close by.
Photo (l to r): Steve Collins, James Palmer, Craig Glasper.
New homes built in Doddington, Cambridgeshire, are giving local people the chance to take advantage of an innovative ‘rent to buy’ option. This has been made available thanks to a successful new partnership between Rentplus and King Street Housing (part of Aldwyck Housing Group), Fenland District Council and Larkfleet Homes.
The mayor of the Combined Cambridgeshire and Peterborough Authorities, James Palmer, joined local elected officials, representatives from King Street Housing and Aldwyck Housing Group and developers, Larkfleet, for the official opening of the new Rentplus development in Doddington.
Mr Palmer welcomed the opportunity of bringing Rentplus into Cambridgeshire and Peterborough and talked about the need to develop affordable ‘rent to buy’ housing to meet the demand of the growing workforce, saying: “Rentplus is a fantastic opportunity. I am really pleased it is happening here. I hope this is the first of many developments.”
Four new two and three bedroom Rentplus homes ‘rent to buy’ homes on Witchford Close, part of the Wimblington Road Doddington development site, are the first of the innovative ‘rent to buy’ schemes in Fenland. Rentplus has already proved popular with working families hoping to own their own home across the South of England and the East Midlands.
The homes will be managed by King Street Housing who will also support the families in their journey from renting to owning their new homes.
“We are delighted to offer the first rent to buy properties in the area with Aldwyck Housing Group and King Street Housing. Our families are aspirant home owners, often trapped in high rental accommodation which eats their income, leaving them unable to save for a deposit or clear any debt history. This makes it impossible to access other home ownership products. Rentplus helps them to fulfil their dreams of homeownership while offering them the safety and security of a long-term rental tenure, giving them space to build up some savings whilst setting down roots in their local community. I hope that this is the first of many schemes to allow us to deliver more affordable rent-to-buy homes here in Cambridge and across the East of England.” – Steve Collins, CEO Rentplus
Craig Glasper, Aldwyck’s Executive Director of New Business and Managing Director of King Street Housing: “This is a great example of how, by working together, we can bring new types of property to the area. This initiative offers a fantastic opportunity for people to move into home ownership following a period of renting their home at an affordable level.”
The rent to buy option from Rentplus offers an accessible route to homeownership for lower or middle income working people who are unable to save for a deposit. Customers pay an affordable intermediate rent which is substantially lower than market rents in the area. The rent service charges and with no maintenance responsibilities, occupants have can save for a deposit and build a credit history to support mortgage applications. They then have the option to purchase their home after 5, 10, 15 or 20 years, at which time Rentplus gifts them a cash sum of ten per cent of the market value of the house towards their deposit.
Situated within easy reach of Cambridge and Peterborough, the new homes are within the village of Doddington, a vibrant traditional community situated in the heart of Cambridgeshire Fenland. Doddington has a real village and community feel with plenty going on. The many footpaths around the village allow residents to soak up the fantastic Fenland views, and the RSPB reserve at Ouse Washes and the Welney Wildlife centre are close by.
The Awards, run by Devon Communities, was presented to Cornerstone Housing and Rentplus for their development at Meadow Haze, Woodbury.
The judges were impressed by the way that the development blended in with nearby traditional properties and had a number of well thought out environmental features inside and outside of the properties for maximum sustainability.
Another interesting feature is the use of the Rent to Buy tenure and this development is the first of its kind in East Devon. The Rentplus Rent to Buy model sees tenants pay a low, below market rent for their home and receive a 10% gifted deposit towards the deposit on their home when they are ready to buy it after a set period.
Cornerstone Housing Limited, the managing agent for Rentplus at Meadow Haze, targeted local families (and single people for the flats) for this scheme to help them work sustainably toward homeownership.
Richard Connolly, Head of Strategic Projects at Rentplus, said: “We’re thrilled to be shortlisted for this award and to have the Rentplus Rent|Save|Own ethos recognised as making a difference for local people. Working with Cavanna and Cornerstone, and other developers and housing associations around the country, means we can make a real difference to families and enable them to move away from high rents into affordable rent to buy homes.”
Devon Affordable Housing Awards – photo shows (L-R)
Anne Seaborne Cornerstone Housing
Gareth Fitzpatrick Rentplus Area Manager
Rick Williams CEO Cornerstone Housing
Richard Connolly, Head of Strategic Projects at Rentplus
Sharon Hewett Cavanna Homes
A new Rentplus and Tamar Housing development in Puriton, offering much needed rent-to-buy homes, has officially opened its doors.
Coln Residential has developed the site at Puriton Gate where 24 much needed affordable Rentplus houses will be allocated for local residents to rent-to-buy, said the Chief Executive of Rentplus, Steve Collins.
Mr Collins, said: “This is our first significant Rentplus development in Somerset providing much needed rent-to-buy homes for local people. Our unique model of high-quality affordable housing in partnership with Tamar Housing will enhance and sustain a vibrant community in Puriton. We believe this rent to buy model is the way forward for other projects across Somerset.”
The scheme saw 60 new homes in Puriton granted planning permission back in the summer of 2016 by Sedgemoor District Council, following its own survey that affordable housing in the area was badly needed. It stipulated that any new development must include affordable houses for local families.
Of these, 24 properties are being made available for affordable rent-to-buy: 5 three-bedroom homes, and 19 two-bedroom properties, all with enclosed rear gardens and allocated parking.
Sedgemoor District Council Leader, Cllr Duncan McGinty, hailed the new development at Puriton Gate, saying: “The council is delighted to be associated with this housing project, which is helping the authority to realise its ambitious plans to accelerate the pace of home building across the district.
“We have every confidence that Coln Residential are building high quality attractive homes, which includes 24 new affordable homes equating to 40% of the overall development,” he added.
“Not only are we providing an impressive number of affordable homes, but we are excited to be piloting the Rentplus affordable rent to buy housing tenure. We know many people aspire to buy their home, but often cannot because of not having the deposit.
“We believe the Rentplus product will help people faced with this obstacle to eventually realise their hope of buying somewhere at a price they can afford, in an attractive locality. We anticipate high demand for these new homes,” said Cllr McGinty.
Julie Barnett, Chief Executive of Tamar Housing, said: “Tamar Housing is delighted to offer our first Somerset affordable rent-to-buy homes as part of this quality housing development. The Rentplus homes will give local people the chance to move into a new home at an affordable rent with the opportunity to purchase their home in the future with the help of a gifted deposit.”
Ian Liddell-Grainger, the Member of Parliament for Bridgwater and West Somerset, said: “Puriton is a wonderful village and we’re very pleased with this latest development by Rentplus and its partner Tamar Housing – in delivering new rent-to-buy homes in a smashing part of Somerset.”
“We are the fastest growing industrial centre in the South West with one of Europe’s biggest developments at Hinkley Point, and the Robert Wiseman Dairies delivering milk across the South West, Wales, and Midlands.
“So, having affordable rent-to-buy homes at this new scheme in Puriton and working in partnership with local housing associations is superb.
“The Rentplus model is unique, and I would like to see more rent-to-buy projects across Somerset. I am looking forward in visiting the Puriton housing development very soon”, said Mr Liddell-Grainger.
The official opening a new Rentplus scheme in partnership with Tamar Housing took place on Friday 2 November at Blacklands Close at Fairway Gardens. The new development is on part of the former Welbeck Manor Sparkwell Golf Course, and developed by Blue Cedar Homes in partnership with Classic Builders.
Steve Collins, Chief Executive of Rentplus, said: “Our latest development in partnership with Tamar Housing,Sparkwell Parish and South Hams District Councils, underlines the local need for affordable homes in Plymouth and across the South West region,” he said.
The new homes comprise a mix of properties, and marks Rentplus’ second scheme in the South Hams.
“This latest development is part of our ambitious plans in delivering our unique housing model of over 5000 affordable homes across the country by 2020, said Mr Collins.
Of the twenty-three new properties in Sparkwell, 11 are affordable homes that includes houses and bungalows, and the Rentplus tenants will be moving in later this month – in good time for Christmas”,.said Mr Collins.
25-year-old, single Mum Jessica Collins and her 4-month old baby will be one of the first residents to move into Fairway Gardens.
Miss Collins, said: “I was born and brought up in the area and very excited that I’m getting the chance to rent in my own affordable home, and this is a dream come true – and I still can’t believe it,” she said.
Councillor Robert Steer, Chairman of the Development Management Committee at South Hams District Council, said: “I have three sons and two had to move away because of the lack of affordable housing in the area.”
“The Fairway Gardens scheme is a showcase development that has attracted much interest from local authorities. If we are to keep our communities vibrant and sustain our local economy, we’ve got to support our youngsters in building more affordable homes like the Rentplus and Tamar Housing development in Sparkwell,” he said.
Chief Executive of Tamar Housing, Julie Barnett, said: “Tamar Housing is delighted by this very high-quality housing scheme in Sparkwell. I was immensely proud of some of the new residents who attended the official launch at Fairway Gardens, and they got the chance to speak to council chiefs about the opportunity and need for more affordable housing across the South West region,” she said.
Local MP, Gary Streeter, said: “I was thrilled to attend the latest Rentplus and Tamar Housing development in Sparkwell that is spacious and beautiful. These affordable homes are giving young people the chance to live in communities they have grown up in.
“The sooner the Rentplus model is rolled out throughout the UK, the better for the coming generation”, he said.
Guests attending the VIP launch included Conservative MP Gary Streeter, local councillors and officials from Sparkwell and South Hams District Councils, the Chair of Devon County Council Caroline Chugg, developers from Blue Cedar Homes, Rentplus and Tamar Housing bosses, and some of the new residents in Fairway Gardens scheme.
“The sooner the Rentplus model is rolled out throughout the UK, the better for the coming generation”, says SW Devon Gary Streeter MP.
Rentplus has to day responded to the Social Housing Green Paper and calls on Housing Minister Kit Maththouse to issue guidelines to all Local Authorities encouraging them to adopt new models of affordable home ownership that delivers additional homes and widens access to home ownership.
In a Housing: Shared Ownership debate in the House of Lords on 6 November, the Lord Naseby said:
“I pay tribute to Her Majesty’s Government for listening and for removing the stamp duty anomaly in relation to shared ownership. Is my noble friend aware that there is a sister scheme for affordable renting, on a secured tenancy basis, for a period of five to 20 years—depending on what the tenant wants to do—followed by purchase? Against that background, and bearing in mind that 90% of young people want to own their own homes, is it not time that Her Majesty’s Government and Her Majesty’s Opposition trumpeted these two schemes so that our young people can own their own homes?”
In the 1990s it took the average young family three years to save for a reasonable sized deposit. Today, it would take the same family 19 years to accrue the amount they need. It has been reported that in 2017, low-income families had just £95 of savings and investments, excluding pensions, compared with £136 in the same period a year earlier. First-time buyer deposits have risen to a record high of £33,339 from £17,740 in 2007.
This week, the Secretary of State for Housing said: “Everyone deserves a decent, affordable and secure place to call home. When a generation is locked out of the housing market it hurts us as a country”. He went on to say that he wants to see “a Britain where ‘Generation Rent’ can become ‘Generation Own’. A Britain where we turn the vision of a place you call home into a reality.”
Steve Collins, chief executive of affordable rent to buy provider, Rentplus, said: “What the Secretary of State has just described is our very ethos”.
He believes that affordable rent to buy solutions are an answer to all of these scenarios and will help working families on low incomes, or with no savings or debt history to become home owners. The average household income of those using Help to Buy is £51,000 compared to Affordable Rent to Buy families’ £31,700 average income.
Rentplus works in partnership with housing associations to identify local authorities and house developers to accelerate the delivery of thousands of new affordable rent to buy homes across the country – at no cost to the public purse.
Collins added: “Einstein was right when he said that it is madness to do the same thing over and over again and expect different results. Unless the housing sector does something new and embraces market disruptors and private investment, nothing will change: thousands of people will remain locked out of achieving their ambition of owning their own home.
“We have a huge tranche of hard working lower income families, trapped and paying exorbitant private rents or locked into occupying social housing when they could be buying their own home. We desperately need to accelerate delivery and include alternative affordable housing solutions such as our affordable rent to buy proposition as part of a package of viable and practical solutions for these households.
“We know that this change in dynamic to the housing market is not the panacea to the entire housing shortage across the country but it has the potential to shorten waiting lists for local authorities – up to 60% of Rentplus’ families are on waiting lists and 35% move to affordable rent to buy homes from social housing, which allows them to be reallocated to those in greater need.
“We have £2bn of private funding poised to invest in building new homes across the country. All we need is more local authorities to commit to offering local families a rent to buy solution and sign up with us to deliver them.”
Local Authorities who want to engage with Rentplus to deliver the affordable rent to buy option to tenants should contact Steve Collins on 0330 229 0035 or email [email protected]
Notes to editors
Rentplus is the country’s leading affordable rent to buy provider, offering an innovative solution to the UK’s unaffordable housing market. The Rentplus solution is proving popular with housing associations looking to increase their stock without upfront investment. Fully funded by institutional investors.
You can read the Rentplus budget submission here.
Affordable rent to buy offers solutions to all of these.You can read the Rentplus 2018 Budget Submission here
A formal opening of the new office is planned for later in the year.