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A Governement minister had given his backing to an innovative housing company formed in Plymouth and making a ‘step-change’ in the delivery of affordable housing nationally.
Tory Housing minister Brandon Lewis praised Millbay-based Rent Plus when he visited Plymouth to view new homes being built.
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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!
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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.