Great response at LGA to latest Rentplus film

Jul 6, 2022

The latest Rentplus film was premiered at the Local Government Association annual conference at the end of June. It is the third in a series of films outlining the journey of Rentplus from its start, to proving the model works, and how Rentplus is turning renters into homeowners.

Rentplus founder, Rich Pillar talks about how Rentplus was designed to help people on lower and middle incomes. It was targeted to help those unable to save the large deposits required to get onto the housing ladder.

In 2016, the first Rentplus tenants moved into their homes in Plymouth and Sherborne. In 2021 they moved from being renters to homeowners. Rentplus sold 100% of the homes scheduled to be sold to tenants at the end of the first 5 year period.

Those new homeowners are now buying 100% of their homes through high street mortgages. Because they paid affordable rent, most were able to save significant sums and these, together with the 10% gifted deposit from Rentplus, gave some tenants an immediate 20/25% equity in their homes.

Rich said: “I am immensely proud of the model we created because 100% of all our people who planned to buy after 5 years are now homeowners. We’ve just been the surrogate bank of mum and dad,” he added.

The film also pays tribute to two councils – Plymouth City and Dorset Councils -and Tamar Housing. They were the torchbearers for the innovative new scheme and instrumental in proving Rentplus works!

In the film, Plymouth City Councillor Rebecca Smith talks about how Rentplus adds value: “Councils like Plymouth do not have a ready pot of money to be building houses itself.

“The challenges Plymouth faces are not unique. Plymouth has done a lot of the groundwork which will help this scheme embed within your community.

“We have no reservations in encouraging other local councils to do what we have done.”

Rentplus is working with councils across the country to help people achieve their homeownership dream.

Rentplus turns renters into homeowners.


You can watch the film here

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