New Affordable Rent to Buy Homes in Langold, Nottinghamshire

Do you dream of getting onto the housing ladder in the village of Langold but struggle to save for a deposit?

New affordable rent to buy homes are coming soon to Langold in Nottinghamshire, working with Gleeson Homes and Bassetlaw District Council. Move in with no deposit, pay affordable rent for 5 – 20  years, and when you buy, we’ll gift you 10% towards your deposit.

To apply, applicants must have been living in the Bassetlaw District Council area for a continuous period of 12 months as their main home or have a local connection to the area such as close family or work for the last 12 months.

Download our marketing brochure here for more information and how to apply. Pleas email our team at [email protected] to register your interest.

 

On 4 July 2024,The Regulator of Social Housing in England granted Rentplus Homes Limited (Rentplus Homes) Registered Provider (RP) status to support its delivery of new affordable rent-to-buy homes across the country.

Due to extremely high demand for the Rentplus affordable rent-to-buy model across the country, the parent company Rentplus-UK established Rentplus Homes as a provider of affordable housing to manage their portfolio on a national scale.

Working alongside their existing housing partners, Rentplus Homes will help low- and middle-income workers achieve their aspirations for home ownership.

Steve Collins, the CEO of Rentplus-UK, explains: “Whilst RP status is not required through national policy to deliver affordable rent-to-buy, we felt registration would enhance the quality of our affordable housing offer.

“Rentplus Homes’ registration will enable us to deliver in local authority areas that require us to have RP status through their local housing policies.

“We’d like to thank the Regulator of Social Housing for recognising how Rentplus Homes can enhance the affordable housing offer in our communities. Following a thorough registration process, local authorities can deliver the Rentplus affordable rent-to-buy model through Rentplus Homes with confidence, helping us turn local renters into homeowners in their area.

“Rentplus-UK and Rentplus Homes will continue to help local authorities increase the delivery of high-quality social and affordable housing to ensure local key and essential workers can remain in their communities and continue to contribute to sustainable place making.”

Rentplus Homes is a for-profit registered provider driven by social outcomes. It is fully funded, supported by investors who share this vision. The Rentplus rent-to-buy model offers a long-term solution to the housing affordability crisis in England by removing the principal barriers to home ownership; mortgage affordability and raising the deposit.

Rentplus Homes tenants move into a new build property with no deposit. They rent their home at up to 80% of open market rent inclusive of all service charges. After a period of 5, 10, 15 or 20 years they have the option to purchase their home with a gifted 10% deposit.

As at the end of 2023, nearly 90% of the Rentplus tenants due to buy the home they were living in purchased their home at the appointed time (year 5), fulfilling their aspiration of becoming homeowners by obtaining high street mortgages to buy 100% of their home.

Collins continued: “Rentplus-UK Ltd will continue to build relationships with our existing housing provider partners.  However, Rentplus Homes gives us the opportunity to work with developers and councils across the country in areas not currently served by an existing housing partner or where the local authority requires RP status through their local housing policies.”

Darrell Mercer, Chair of Rentplus Homes’ board, added: “Having registered provider status will enable more working people on lower incomes across the country to realise their dream of owning their own home.

“Rentplus Homes is committed to being a leading housing provider, delivering the best service to our tenants. Our Tenant Satisfaction Measures (TSM) survey reveals that across essential categories including overall satisfaction, repair services, maintenance, safety, communication, fairness, and community contributions, Rentplus Homes surpasses the housing industry standards.

“Notably, our overall satisfaction score is a market leading 90%, compared to the industry average of 72%. Which is very impressive for such a new housing provider.”

Rentplus-UK works with nearly 70 councils and Rentplus Homes is already directly managing 117 new homes across 18 of those as a for-profit registered provider.

Ends

NOTE TO EDITORS
For more information contact the Rentplus Communications Team on 07365 437036 or email [email protected]

 

CERTIFICATE OF REGISTRATION CAN BE VIEWED HERE

 

The three main parties have made commitments to support first-time buyers, including pledging to extend the mortgage guarantee scheme, which had been due to end in June 2025.

Labour has said it would make it permanent and is renaming it ‘Freedom to Buy’. The concept is likely to be the same: first-time buyers can benefit from a 95% loan-to-value mortgage and the scheme guarantees that the Government will shoulder some of the cost if the lender loses money, for example if the home is repossessed. It essentially encourages lenders to offer more 5% deposit mortgages, giving buyers better choice.

That the parties have recognised that saving for a deposit is the main barrier to home ownership is a welcome start. The Halifax estimates that the average first-time buyer deposit is now over £53,000. With the average annual earnings for full-time employees £35,000, this is a substantial amount of money to find. The mortgage guarantee is therefore welcome to lower the deposit threshold: but it will not address the challenge that almost half of private renters have no savings at all. With rents continuing to rise above inflation, it is increasingly difficult for renters to save even a small amount after their other outgoings.

As noted by the Money Savings Expert Martin Lewis, the other factor to bear in mind with a 95% mortgage is that mortgage rates tend to be much higher if you’ve got a deposit of less than 10% – adding up to significant additional interest repayments over time.

How, then, to address the savings challenge?

Shared Ownership had been heralded as the key to making buying a home more accessible by enabling tenants to purchase their home in increments. Earlier this year, however, MPs on the Levelling Up, Housing and Communities select committee concluded that it is not as good as it seems, warning: “shared ownership schemes are drastically failing to deliver an affordable route to homeownership for too many people and subject buyers to rising rents, uncapped service charges, and a disproportionate exposure to repair and maintenance costs”.

In light of these findings, it is nonsensical, and a huge waste of public money, that nearly half of the Government’s £11.5bn Affordable Homes Programme will go towards funding Shared Ownership homes.

Rent to buy schemes, on the other hand, address both the deposit barrier and concerns over uncapped additional costs. Renters move into a brand-new home without paying any upfront deposit and receive all the same benefits as with any other affordable homes to rent. They pay a below market rent (80% of market rent or Local Housing Allowance, whichever is lower) and can then put the amount they are saving compared with renting privately towards a deposit. All service charges are included within the below market rent and, as a tenant, they are not responsible for any repair and maintenance costs, meaning no unexpected charges.

As a leading affordable rent to buy provider, under the Rentplus scheme, tenants can buy at year 5, 10, 15 or 20. When they do so, we provide a 10% gifted sum to add to their savings. This enables them to get a mortgage with at least a 90% loan to value ratio (but often better) – meaning they get a full range of high street mortgage options. The model is now proven with tenants buying 100% of the home they lived in, rather than being trapped in a part-rent, part-buy limbo like under shared ownership. Our first renters who moved in with no deposit in 2016, became homeowners in 2021; as at the end of 2023, 95% of our renters became homeowners at the proscribed time.

There are a growing number of providers offering rent to buy schemes but the Lib Dems were the only party to commit to rolling out rent to buy in their manifesto. Cllr Joe Harris, the Leader of the LGA Lib Dem group, has previously commented that rent to buy is much fairer than shared ownership in delivering the aspiration to own and that he is a “great fan” of the model. Affordable rent to buy schemes are turning renters into homeowners across the country but are much less well known than other routes onto the housing ladder. In part this is due to previous governments’ promotion of shared ownership above other tenures. We would urge the next government to promote it as an option for home ownership alongside other schemes.

Funding also needs to be considered. Both Labour and the Conservatives have lofty building ambitions: Starmer aims to build 1.5 million new homes over the next Parliament; Sunak 1.6 million. This equates to building 300,000 or 320,000 new homes a year; however the highest level of completions over the last few years has been 210,000 – some way off. The British Property Federation (BPF) estimates that £10bn of institutional capital is needed on top of grants and public sector funding to deliver the level of new affordable homes needed.

As the BPF says: “Pension funds and other sources of institutional capital are attracted to [the affordable housing sector] as it offers secure long-term income but the next Government must do more to give them the confidence to invest.” Despite figures like the Chair of Homes England outlining the Agency’s desire to see more institutional investment in affordable homes, our experience on the ground is that local authorities are often reluctant to stray away from the norm of grant funding.

To deliver the volume of new housing required, and the increase in home ownership desired, we must do things differently. Rentplus believes the next government should give a clear directive to local authorities to consider affordable housing funded through institutional investment.

We are also calling on the incoming government to establish an independent website setting out all the home ownership options available to aspiring buyers with illustrative future repayment so our aspirant homeowners can make an informed decision about the best route for them. It will also demonstrate which provides the best value for money for the taxpayer.

June 2024

Rentplus is proud to be offering a selection of 19 affordable rent to buy homes for the first time in Enfield, London, in partnership with Enfield Council and Greenhill Housing Association.

Do you dream of getting onto the housing ladder in Enfield but struggle to save for a deposit? With Rentplus, you can move in with no deposit, pay affordable rent for 5 – 20  years, and when you buy, we’ll gift you 10% towards your deposit.

Rentplus and Greenhill Housing Association are proud to offer local people in Enfield the chance to get on the housing ladder. Our new development at the Old Royal Chace on The Ridgeway includes 19 brand new one & two bedroom apartments for first time buyers who have a local connection to the area.

Download our marketing brochure here for more information and how to apply. Email Greenhill Housing association at [email protected] to apply.

 

Rentplus, Plymouth City Council, and Willow Tree Housing are celebrating turning 13 local renters into homeowners.

In 2014/2015, local housing developer Rich Pillar established Rentplus-UK to assist working individuals in the area who struggled to save a substantial deposit. By eliminating the upfront deposit requirement, Pillar believed that working people could achieve homeownership. The Rentplus team worked closely with Plymouth City Council and Tamar Housing Society (now Willow Tree Housing) to introduce a new affordable rent-to-buy model. This model enabled local residents to move into new homes without needing a deposit. Tenants were enrolled in 5, 10, 15, or 20-year plans and paid affordable rent, set at 80% of the average local rent and covered service charges and repairs. This approach allowed tenants to start saving money from the outset.

The first Rentplus schemes were rolled out across three local areas across Plymouth: Mannamead, Palmerstone Heights, and Redwood Drive. The initial tenants moving in during 2016 and the initiative scheme going on to pick up the prestigious Most Innovative Housing Product award at the 2019 National Housing Awards. In 2021, the first tenants reached their 5-year milestone during the Covid pandemic and 13 tenants on the 5-year plan have now transitioned to homeownership. By saving over the years and being gifted 10% of their home’s value from Rentplus, they were able to secure traditional mortgages to purchase 100% of their homes. Some tenants had up to 25% equity in their homes from the outset.

One of the first Rentplus families to turn from renters into homeowners were Mark and Maggie*. Although they knew they wanted to buy a home, raising the deposit had always been the barrier for the couple but after they moved in they were able to immediately start saving up £200 a month, squirreling it into an ISA. “We were motivated to buy our own home, but Rentplus helped us to do so faster.  We could not save the deposit but Rentplus allowed us to save and achieve our dream in just five years.  We also saved the upheaval of moving house: no changing address, no removal fees, less stress – that’s a big bonus.” Mark said.

Rentplus CEO Steve Collins remarked: “Without the support of Plymouth City Council’s housing and planning teams, and the endorsement of Councillors, Rentplus would not have taken off. Tamar Housing played a crucial role in helping us prove the mode, and we thank both parties for their vision. Thanks to their willingness to try something new, by the end of this year Rentplus will have turned renters into homeowners across 17 developments across England.  We have 100 sites in about 70 local authority areas where tenants are already on the path to homeownership.”

Plymouth City Councillor Chris Penberthy, Cabinet Member for Housing, Cooperative Development and Communities, said: “Rentplus is a truly innovative product and we’re so pleased that our residents have been able to benefit from pioneering the model here in Plymouth. Schemes like this are so very important in helping us navigate out of the current housing crisis. It is by trying new things and working in closely with partners that we can make some headway and provide the homes needed for people of all situations from all walks of life.”

 The last word goes to buyers Maggie who added: “Rentplus offers great support for first time buyers. It is such a good thing. We can stay here, or we can sell and move to a bigger home because we now have equity. Rentplus has given us choices and opportunities we didn’t have before.”

 

* Names changed at homeowners' request  

 

Last week was Tree Care Week and Rentplus joined forces with local housing association, Greatwell Homes, to plant four cherry trees in Wellingborough. They were joined by children, parents and carers from the local Wellingborough Eco Group.

 The new cherry trees are sited on a much used garage area onthe Queensway near Glamis Hall and will shortly blossom into pink and white blooms, providing a few weeks of colour, a season celebrated around the world.

 Jo Savage, Chief Executive, at Greatwell Homes was joined by Executive Director, Chris Holloway and Board Member, Cheryl Armatrading. Jo said:

“Many years ago, this space was overgrown and unmaintained. After we identified areas that needed some TLC, our Greatwell Places team spent the week cutting it back and turning it into a useful space whilst keeping the existing trees, much to the delight of the nearby customers who also helped with the project.”

“It was so lovely to be able to add more life to a much-used area of the Queensway assisting with the Greatwell Homes’ mission of shaping places people are proud to call home.”

 Steve Collins, Rentplus CEO added:

“It is the Tree Council Tree’s Love Care week and Rentplus wants to plant trees on each of our developments: we weren’t able to add to the landscaping on sites in Kingsthorpe, Earls Barton, Daventry or Towcester Road, and so these four trees is a way of enhancing the environment in Northamptonshire.”

Rentplus is an affordable rent to buy provider, who has been working with Greatwell Homes for over eight years.  Some of the customers who moved into Rentplus properties managed by Greatwell Homes with no deposit between 2017 and 2019 are now buying 100% of their home, helped by a 10% gifted sum from Rentplus to put towards their savings.  The rental income Greatwell Homes received has helped to reinvest in existing homes to make sure they remain up to date, well maintained and suitable for people’s needs.

Steve added:

“Greatwell Homes were one of the first adopters of Rentplus and because of them, local people who could not save a deposit have the chance to become homeowners: we’re very proud of this partnership.”

The partners are working together to deliver more affordable rent to buy in Northampton and Daventry.

Our Newsplus newsletter is here!

It has been over seven years since we completed our first schemes in Dorset and Plymouth. To date, Rentplus has delivered over 600 homes on 37 different schemes with 10 housing provider partners across 27 different local authorities. Over 1,400 people now live in a Rentplus home.

Rentplus provides affordable rent to buy homes to key workers in our communities that would otherwise not have the opportunity to work towards owning their own home. The data shows that typical Rentplus occupants are likely to be hard-working couples in their late 20s or early 30s with children. They live on a below-average household income and will be a key or essential worker, working for the NHS, in Education, Retail or Manufacturing. They were living in existing social housing or the over-expensive private rented sector and were unable to save for a deposit. Many were on the local authority housing waiting list but were unlikely to be provided with an affordable home due to their level of housing need.

Many in social housing turned down the chance to effect their Right to Buy because they did not like the home they had been living in, or it was not in the right area. They chose to give this up to move to a brand new home in an area they liked. All have a real passionate aspiration to own their own home, but their pathway was blocked because they didn’t have a deposit and little or no spare income to save towards one.

Rentplus gives families a real chance by providing them with the quality home they need now when they need it most, and in the area where they want to live. It gives them a real opportunity to save for a deposit while paying cheaper rent, and provides support from their local housing association to maximise their income and savings. With the benefit of the 10% gifted deposit from Rentplus when they come to buy their home.

Rentplus is an unique, real, and genuine opportunity for them to realise their aspiration and eventually own their own home – something that would have been impossible for many of our families any other way.

 

Read our full Winter 2023/Spring 2024 newsletter below –
Newsplus Winter 2023 /Spring 2024

New affordable rent to buy homes with beautiful views of Tavistock

 

Rentplus is excited to be offering new affordable rent to buy homes in Tavistock, with beautiful overlooking views of the town. Successful applicants move in with no deposit and pay affordable rent, having the option to buy between 5 and 20 years with a 10% gifted sum from Rentplus.  Phase 1 consists of 6 x 2 bedroom flats, with phase 2 following later in the year consisting of  3 x 2 bedroom houses and 4 x 3 bedroom houses.

Applicants must have been residing for 3 years or more in the West Devon Borough Council area.

For more information,  see our full brochure here.

 

   

Do you live in the Hampshire town of Havant?

Rentplus is excited to be offering new affordable rent to buy homes for the first time in Havant in partnership with Havant Borough Council, Redrow homes and Winchester Housing Trust. Successful applicants move in with no deposit and pay affordable rent, having the option to buy between 5 and 20 years with a 10% gifted sum from Rentplus.  There will be a total of 21 homes with the first 10 becoming available in March 2024 and the second phase expected in 2025.

Applicants must be registered on the Hampshire Home Choice and cannot be Portsmouth residents currently residing in Havant. For more information, see the full brochure here.

  

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