In partnership with Archerfield Homes and Impact Modular, we’ll be providing affordable housing for local people looking to buy their home but unable to save for a deposit. This is the first construction of modular housing to offer our award-winning affordable Rent to Buy solution.
The development in Monks Eleigh, Suffolk, will include 5 Rentplus homes. At Rentplus we pride ourselves on the sustainability of our homes which meet and often surpasses latest government guidelines, minimising their carbon footprint and therefore impact on the environment. Through Impact Modular’s “sustainable construction” process, carbon emissions are approximately 30% lower than traditional construction means.
The development will reach completion later summer 2021, with the first residents expected to move in before the autumn.
Rentplus tenants move into a brand new home with no deposit, pay affordable rent on the property for a period of 5-20 years and are offered the chance to buy at 5 year intervals. This gives them time to clear debts, and save money, and to build a strong credit rating. At the point of purchase, we gift our tenants 10% of their property price towards their deposit.
Jack Randall, Chief Commercial Officer at Impact Modular, said:
“The Government has an ambition for the UK to be Carbon Net Zero by 2050 and has set out clear guidelines to launch a Green Industrial Revolution. Friars View represents Impact’s commitment to financing forward-thinking developers like Archerfield Homes who are committed to build using sustainable construction methods on their developments.”
Steve Collins, Chief Executive at Rentplus, said:
“This initial scheme is the first in the 350+ unit development pipeline alongside Impact Modular and Archerfield and we’re very proud to be able to offer affordable rent to buy homes to local people, giving them access to homeownership without the need for a deposit.”
“Our award-winning affordable rent to buy solution gives local key workers on lower and middle incomes the chance to own their own home because we remove the deposit barrier that stops them accessing other homeownership tenures. This, and the 10% gifted sum when they buy, provides a much-needed solution for first time buyers in this difficult climate.”