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We buy new, attractive, affordable homes from developers under section 106 and let these on 20-year full repairing leases to RPs, which manage them on our behalf.
The RPs retain 25% of the rent they collect and are responsible for the repairs and maintenance of the properties.
The RPs work with Local Authorities (LAs) to allocate the homes to people on housing lists who want to get on the property ladder.
Successful applicants move in and pay an affordable rent for between five and 20 years. This gives them time and more disposable income to save towards a deposit, and rebuild their credit history.
At the end of the tenancy they can buy 100% of their home at the market value. When they do so we give them 10% of the property’s value as a gift to boost their deposit.
We replace sold homes on a one-for-one basis, subject to local planning, which become available to the RPs for new tenants.
You increase your stock and choice of genuinely affordable, attractive housing, reducing waiting lists without drawing on your own budgets.
All our homes meet and often exceed government building and energy standards and are tenure blind – they look just like the surrounding homes.
Up to 50% of our residents move out of social housing, releasing them for people in greater need.
You get new revenue streams in the form of introductory and project management fees as well as retained rent to cover costs and for reinvestment.
By working with us you can cross-subsidise your services and benefit from economies of scale.
Rentplus residents have been found to be less resource intensive to manage than other tenants, less likely to have rental arrears, and more likely to carry out minor repairs and improvements themselves.
Our sell one, buy one, rent one model means you can maintain the number of affordable homes in your area.
Our due diligence on all our partners includes financial, geographical and governance checks to ensure we only work with the best.
You can contact your local team here.
Rentplus is a private company operating in the social rent and affordable homes sector. We work with carefully chosen partners who build and manage our homes and support our residents in their local communities.
We buy affordable homes from developers under section 106, which are leased to our chosen housing association partners. In turn, they let the homes at an affordable rent on five, 10, 15 and 20-year leases to tenants who want eventually to buy their own home. The homes are let and managed by our chosen Registered Provider (RP) partners. When the tenant is ready to buy their home we give them 10% of its value to put towards their deposit.
We replace homes sold on a one-for-one basis to maintain an agreed number of affordable rent-to-buy homes in any local authority area, if the partners wish.
Rentplus affordable rent to buy homes are let to people in work or training with an annual household income of less than £80,000 and who want eventually to buy their own home. Our residents are often key and essential workers and have a link to the local area. They usually move from private or social rented accommodation where they found it hard to save the deposit required by mortgage lenders. The average household income of our residents is £31,600 compared to over £50,000 for the government’s Help to Buy.
Rentplus wants to operate in every county in England. We started in Plymouth, Devon, working with Plymouth City Council and Tamar Housing, and have spread quickly to offer our affordable rent-to-buy homes in Dorset, Somerset, Wiltshire, Oxfordshire, Northamptonshire, Cambridgeshire, Hampshire and Berkshire. We currently have more than 18,000 homes in our pipeline across the country – houses we are either bidding for or have secured.
If you don’t yet work with Rentplus and would like to find out more, contact your local team here.
Yes. Rentplus offers a National Planning Policy Framework (NPPF) compliant rent-to-buy model defined in Annex 2 of the NPPF. Rentplus is classed as both Affordable Housing (A) and an Affordable Route to Home Ownership (D). This is supported by government, planning and legal counsel, all available to view.
Current planning consultation includes proposals to incorporate affordable rent-to-buy within the affordable housing contained within NPPF and Starter Homes definitions.
Rentplus has a standard Assured Short-hold Tenancy Agreement (AST) used by all our managing RP partners. Rentplus tenants are no different to any other RP tenant and they will have all the same legal rights and responsibilities. However, Rentplus tenants enjoy a five-year renewable agreement, giving them security and stability so that they can put down roots in their local community.
The Rentplus resident is not responsible for repairs to their home until they buy it. While they rent, the managing HA is responsible for all repairs and maintenance.
Tenants are aware when they move into a Rentplus home that they have a five-year renewable tenancy and that if they breach the terms of their AST or are unable to buy the property at the appropriate time they will be required to move at the end of the tenancy period. The managing RP will undertake a review with the tenant year before the tenancy expires to assess the progress towards the planned purchase date.
Should the tenant be unable to buy, the RP has a number of options to help the tenant including: