Brandon Lewis MP, Minister of State for Housing and Planning at the DCLG, visits Palmerston Heights in Plymouth
Last week, with our partners Tamar Housing, we welcomed Brandon Lewis MP, Minister of State for Housing and Planning at the DCLG, to Palmerston Heights – the first phase in the Persimmon Homes development of the new Seaton Neighbourhood in Plymouth.
We are delighted that the Minister tweeted about how impressed he is with the new rent-to-buy homes and the stairway to home ownership that they provide!
Read the full article in the Plymouth Herald at:
More than 33 new affordable rent-to-buy homes from innovative housing company Rentplus, will be built in Sherborne, Dorset, to give tenants the chance to own their own home for the first time.
The homes are part of the 112 home development Corelli, built by Persimmon Homes on Sheeplands Lane, Off Marston Road in Sherborne, Dorset. The historic market town has excellent transport and commuter links, as well as leisure and shopping facilities.
The Rentplus homes are available to rent initially at a reduced rate – a two bedroom house will typically cost around £125 per week – which the tenant is able to buy after either five, 10, 15 or 20 years. Rentplus will give each tenant a ten per cent deposit when they buy their home.
The homes will be marketed and allocated to households by Tamar Housing Society through Dorset Home Choice housing register (www.dorsethomechoice.org), which enables local people to bid to for the Rentplus homes. The adverts for these properties go live on Dorset Home Choice Monday 21 December – based on levels of interest experienced for the Rentplus scheme in Plymouth, people who are interested in renting and then owning their own home should move quickly!
Rentplus Chief Executive, Richard Connolly, said: “We are delighted to be bringing the Rentplus model to Dorset and giving local people the opportunity to buy their own home. The area desperately needs more affordable housing and our innovative model helps meet local housing need as well as establishing permanent homes for people wishing to buy their own property.
“If you are looking for a home and unable to afford a deposit, we’d encourage you to visit the Dorset Home Choice website and register your interest for these homes. Our last development in Plymouth was so popular we had more than 100 enquiries in the first 24 hours, so we’re expecting these homes to be just as popular.”
Julie Barnett, Chief Executive of Tamar Housing Society, said: “We have already seen an incredible response to our first development in Plymouth and are pleased to be working in partnership with the Council to offer the residents of Dorset the same opportunities.
“The Rentplus model helps hardworking people who are often priced out of home ownership the opportunity to get a step on the housing ladder with a gifted deposit. With local housing prices continuing to rise, this is a great opportunity for those looking to buy their first property to sign up.”
Sherborne is a small town in the picturesque Dorset countryside and the new Corelli development includes a mix of two, three and four-bed houses. Rentplus, which plans to build 5,000 new homes by 2020, is working with Tamar Housing Society to identify suitable tenants in need of an affordable rented home who aspire to buy their own home in the future, with the first homes due to be available in the new year.
Rentplus is also working with Persimmon to develop a site of 19 homes at Palmerston Heights in Plymouth.
DCLG announces consultation on planning changes to boost opportunities for thousands of families to get on the housing ladder
Rentplus, the pioneering affordable rent-to-buy housing company, has welcomed new Government moves to expand the range of options for people aspiring to get on the housing ladder.
The Department for Communities and Local Government (DCLG) has launched a consultation aimed at changing the National Planning Policy to “broaden the definition of affordable housing and expand the range of low cost housing opportunities for those aspiring to own their own home.
“This would include products that are analogous to low cost market housing or intermediate rent, such as discount market sales or innovative rent to buy housing.”
Commenting, Rentplus Chief Executive, Richard Connolly, said: “We are pleased that the Government has recognised the need for the innovation if we are to resolve the country’s housing crisis. It was this belief in innovation that led to the creation of the Rentplus rent-to-buy model, which is proving very popular with local authorities and housing providers – as well as prospective home owners.
“These proposals will give all local authorities the confidence needed to approve innovative affordable housing models which will in turn extend home ownership to thousands more working households.
Since its creation Rentplus has argued for these changes to support the delivery of new affordable homes to buy. We look forward to continuing to work with the Government as it consults on its proposals.”
Palmerston Heights development of 139 homes built to tackle Plymouth’s housing shortage
In a national first, Plymouth-based housing companies Persimmon Homes and Rentplus have signed an agreement to develop 19 new affordable rent-to-buy homes in Plymouth to help tackle the region’s housing shortage and help people into home ownership for the first time.
The properties are part of a 139 home development built by Persimmon Homes at William Prance Road, Derriford, as part of Plymouth City Council’s Get Plymouth Building programme. The first homes at Palmerston Heights are now complete and Rentplus is working with Tamar Housing Society to identify suitable tenants in need of an affordable rented home who aspire to buy their own home in the future.
The Rentplus homes are available at affordable rents (up to 80 per cent of local market rent) for an agreed period of between five and 20 years. Once the rental tenancy has finished, residents are given the opportunity to buy their Rentplus home and will be given a ten per cent deposit by Rentplus to do so.
Palmerston Heights is close to a historic 19th century fort and includes a mix of two, three and four-bed houses and one and two-bed flats available on the open market or through rent-to-buy and shared ownership schemes. An additional five social rented homes will be managed by local social landlord Tamar Housing Society.
The Rentplus homes will be marketed and allocated to households by Tamar Housing Society through Devon Home Choice housing register which enables local households to be considered for affordable housing which becomes available in the area.
Rentplus Chief Executive, Richard Connolly, said: “We are very happy to be partnering with Persimmon to bring 19 affordable rent-to-buy homes to Plymouth residents.
“With average house prices in the South West now close to £230,000 and in some places more than £300,000 and average earnings in the region among the lowest in England, we have an unbelievable housing situation where many houses cost more than ten times the average annual household income.
“Rentplus is designed to make housing accessible for all those who wish to own their own home and we look forward to working with partners in Plymouth and across the country to help tackle the housing crisis.”
Figures from the South West Housing Initiative show the region is the fastest-growing in the country, but has the nation’s biggest regional housing crisis. A report from the National Housing Federation shows that private renters in the South West are spending 35 per cent of their earnings on rent – the third highest rent-to-income ratio in the country. A study in June 2013 found there were more than 10,000 households on Plymouth’s housing register, underlining the importance of building new homes in the region.
Julie Barnett, Chief Executive of Tamar Housing Society, said: “It is vital to provide affordable housing to those who need it most and these new homes go a long way towards helping to tackle the housing crisis we are currently seeing across the South West.
“At a time when social landlords across the country are facing cuts, companies like Rentplus are offering an alternative, sustainable opportunity for long-term tenancies and home ownership for residents without the need for any public subsidy.”
Rentplus is working in partnership with Plymouth City Council to deliver 500 homes over the next five years. The Rentplus model has been created by teams from developer Pillar Land Securities and housing association Tamar Housing Society. The Rentplus Board comprises senior figures from the world of business, including Chairman John Gildersleeve, who is also the Chairman of British Land. The company aims to build at least 5,000 homes across the UK by 2020.
Work on the Palmerston Heights development is expected to be complete by this time next year and the first Rentplus tenants are expected to move in by December 2015.
Rentplus is also working with Pillar Land Securities to develop a site of 29 homes at Manamead in Plymouth, including 13 Rentplus homes, which will be completed at the end of next year.
Rent-to-buy housing company plans to deliver 5,000 affordable homes by 2020
Leading affordable Rent-to-buy housing company Rentplus has welcomed today’s Government announcement pledging almost £7bn to make house building a priority and to build more than 400,000 affordable homes.
During the Autumn Statement, the Chancellor announced a package of measures including £200m for 10,000 new homes that tenants can live in for five years at reduced rents while they save for a deposit. Tenants will then have the option to buy their home.
Rentplus has launched a new affordable rent-to-buy housing model that closely matches the Government’s criteria to deliver these homes. Rentplus provides a very significant additional benefit to the affordable rent: Rentplus tenants are also given a deposit to bolster their own savings when they buy their home.
Rentplus Chief Executive, Richard Connolly, said: “We welcome the Government’s commitment to prioritise a national programme of house building and to give a generation of affordable renters the opportunity to buy their home for the first time.
“The Rentplus model is ideally placed to deliver the Chancellor’s plans for 10,000 rent-to-buy homes at affordable rents. We have already received support from the government, the HCA, and the LGA; we’ve met more than 80 local authorities and have relationships in place with housing associations and developers across the country as well as having more than £90m of institutional funding in place with more to follow.
“We are already on course to deliver a minimum of 5,000 affordable rent-to-buy homes by 2020 and following today’s announcement, although we recognise there needs to be a balanced mix of housing tenures that includes social housing and affordable rent, we believe Rentplus can play an important role in further increasing the supply of affordable homes and enabling people to achieve their aspirations of home ownership.”
The first Rentplus homes are currently being built at developments in the South West of England and the first tenants to benefit from the model are expected to move into their homes in February 2016.
Rentplus is funded by institutional investment, meaning any government money spent on rent-to-buy homes would be bolstered by additional ongoing investment to support the delivery of the programme.
Rentplus homes are available at affordable rents (up to 80 per cent of local market rent) for periods between five and 20 years. Once the rental tenancy has finished, residents are given the opportunity to buy their Rentplus home and will be given a ten per cent deposit by Rentplus.
Application for 61 residential dwellings on land south of Puriton Hill Further details about the Puriton public consultation meeting: Friday 5 June, 5 – 7pm
PUBLIC CONSULTATION MEETING AT PURITON VILLAGE HALL
Friday 5 June 2015, 5 – 7pm
Your comments from February’s meetings have been considered and revisions and answers will be presented to local residents on 5 June. The following representatives will be at the event to answer any questions you may have:
Developer Coln Residential – Roger Brennan, Managing Director, will present the revised plans.
Affordable housing provider Rentplus – Richard Connolly, CEO, will explain the rent to buy tenure.
Housing association Tamar Housing – Julie Barnett, CEO, will explain the tenant selection process, how P4 relates to the affordable housing product and ongoing management of affordable housing.
Sedgemoor District Council – Duncan Harvey, Affordable Housing Policy and Development Manager, will detail the results of the recent Housing Needs survey and implications for future housing supply in the village.
Property Link Consultants – Toni Hammick, Agent and Planning Consultant, will update residents on the up-to-date planning position.
We hope to see you there.
Rentplus housing model to deliver 5,000 homes over next five years. A new rent-to-own housing model that will give thousands of tenants their first step onto the housing ladder has been launched with plans to deliver 5,000 affordable homes across England by 2020.
The new model has been created by housing company Rentplus with the financial backing of private and institutional investors and the first agreements to deliver 900 homes have been approved by Plymouth City Council and Sedgemoor District Council.
The company is currently closing the first £70m of institutional funding as part of an overall plan to raise £600m – £700m of institutional investment over the next five years.
Rentplus brings together local authorities, national and regional house builders, developers and housing associations in a partnership to build much-needed new affordable homes to help tackle the nation’s housing crisis.
Rentplus is working with local housing associations to provide new purpose built homes available at affordable rents for an agreed period of between five and 20 years.
At the end of their rental agreements, tenants will be given the opportunity to purchase their property and will receive a ten per cent gifted deposit from Rentplus to help their mortgage application, although tenants will not be obliged to buy.
Construction work on the first development of 29 properties at Mannamead in Plymouth, 13 of which will be Rentplus homes, will begin in April. Tamar Housing Society, the leading housing association in Rentplus’ consortium in the South West, will manage the Rentplus properties in Plymouth.
Rentplus Chief Executive, Richard Connolly, said:
“We are delighted to launch Rentplus and to announce the first large scale agreements with Plymouth City Council and Sedgemoor District Council to commence the delivery of 500 new affordable homes in Plymouth and 400 across Sedgemoor. Rentplus offers the best of affordable renting and home ownership rolled into one. It will give many people the opportunity to own their own home for the first time and will enable local authorities to increase the affordable housing stock and reduce housing waiting lists.
“The ten per cent gifted deposit is a unique feature of Rentplus that will make a huge difference to many tenants struggling to put money aside. Unlike other proposed rent-to-own models, Rentplus is already a reality with the first development now underway in Plymouth and the business has the strong financial backing to enable sustained and rapid growth.”
Chief Executive of Tamar Housing Society, Julie Barnett, said:
“Rentplus gives Tamar Housing Society the opportunity to help meet the needs of many local households who aspire to home ownership but are unable to save a deposit due to high private sector rents. We will offer support and guidance to help tenants to move into home ownership which is often a stressful time for any first-time buyer.
“As a smaller local registered provider, Rentplus homes will enable Tamar to grow and increase our turnover which, in turn, means that we can offer a wider range of services to all of our residents. Rentplus is an exciting new affordable housing product which we are proud to support and promote nationwide.”
As part of the company’s ambitious plans for growth, the Rentplus team is already working extensively with representatives of national and regional house builders and has secured further significant interest from local authorities across England.
The Rentplus model has been created by teams from developer Pillar Land Securities and housing association Tamar Housing Society. The Rentplus Board comprises senior figures from the world of business, including Chairman John Gildersleeve; also the Chairman of British Land.
Mr Gildersleeve said:
“We have a unique opportunity to deliver an alternative solution to the country’s housing crisis while supporting the home ownership aspirations of the many thousands of people who feel locked out of the housing market. Rentplus is a sound and ethical investment that will benefit all those involved. Tenants have the chance to realise home ownership, local authorities increase their housing supply without grant funding and the increased work for house builders and developers will create jobs and help the economy.”
Rentplus will be launched at the Chartered Institute of Housing’s South West Conference and Exhibition (stand number 41) held at The Riviera Centre in Torquay from 15-17 April, 2015.
Ends
For more information, please contact Rebecca Jackson or Simon Baylis
on 0845 4567 251 / [email protected] / [email protected]
Notes to editors
The development of the former Mannamead Centre at Eggbuckland Road will offer 29 new houses including 13 affordable homes using the RentPlus model which provides tenants with a new way of eventually buying their own home. The site is being developed by Pillar Land Securities Ltd and the new homes will exceed energy requirements. It will be the first RentPlus site in Plymouth and one of the first in the country.
Plymouth City Council brought the site forward for housing development under the Get Plymouth Building programme. All the homes are to be built to the Code for Sustainable Homes Level 4 and renewable energy will be generated by solar photovoltaic panels.
Councillor Chris Penberthy, Cabinet Member for Cooperatives, Housing and Community Safety for Plymouth City Council, said: “The site at the former Mannamead Centre forms part of our Get Plymouth Building programme which aims to help increase and accelerate the delivery of new and greener homes in the city.
“It also provides much needed affordable housing in the city. Compared with the national picture we have lower levels of owner occupation and higher levels of private renting in Plymouth. Many young people are still finding it difficult to buy their first home in the city, with the average age of first time buyers now around 37. In Plymouth, 40 per cent of households earn less than £20,000 a year, while the cheapest homes in the city cost an eye-watering 6.3 times the lowest salary.
“I was particularly impressed by the approach by the applicants, Pillar Land Securities, to engaging and consulting with local residents throughout the planning application process.
“Housing is unaffordable for people on low incomes, there is not enough affordable housing to meet rising demand and in response to this we have worked with RentPlus to help first time buyers get onto the housing ladder. We have agreed to work together with RentPlus in Plymouth to deliver 500 homes over the next five years. This development at Mannamead is a significant first step to help deliver on this ambition.”
The development will also include 20 per cent of the houses as Lifetime Homes, with design features to enable people to remain in their own homes should their mobility and physical circumstances change.
Rentplus Chief Executive, Richard Connolly, continued: “We are delighted to be working with Plymouth City Council to deliver an exciting new model of affordable housing. Rentplus homes are designed to provide the opportunity for aspirational families to purchase their Rentplus home with a gifted deposit after an initial period of affordable rent.
“Never have house prices been so expensive and never has the requirement for a deposit been so great. Rentplus provides a pathway to home ownership allowing tenants to live in a new energy efficient home and have a hope of saving a deposit from taxed income.
“Our homes will be managed by Tamar Housing Society to ensure excellent local customer service to tenants aspiring to home ownership.”
Pillar Land Securities is a well-established development company covering the South West. Richard Pillar, Chairman said: “We are delighted to be commencing works on this very exciting project. Hartley Gardens will provide a beautiful collection of 29 high quality contemporary homes built to a high specification in the heart of Mannamead. We are proud to be delivering the first 13 Rentplus homes in Plymouth enabling first time buyers the opportunity to take their first steps on the housing ladder.”