Wellingborough Homes and housing provider Rentplus have today (Monday) announced a new partnership to deliver what they say will be the first affordable rent-to-buy houses in Northamptonshire.
The deal marks Rentplus’ first step to fulfilling their ambition of delivering over 500 rent-to-buy homes in the county by 2020.
Jo Savage, Wellingborough Homes chief executive, said: “We are delighted to be working with Rentplus to deliver Northamptonshire’s first affordable rent-to-buy homes.
“At Wellingborough Homes we are committed to exploring innovative tenure models which offer a range of housing options to meet local people’s housing needs and aspirations.
“Our new partnership with Rentplus to manage their affordable rent-to-buy homes fits exactly with this ambition.
“We’re very pleased that we will be the first housing association in Northamptonshire to be offering this innovative housing option and look forward to working with Rentplus to deliver many affordable rent-to-buy homes across the county.”
House prices across Northamptonshire are eight times the region’s average salary of £26,936 per annum.
Rentplus is already in discussions with a number of local authorities and developers across the region to identify sites for affordable housing tenures.
Areas they are targeting include Northampton and Wellingborough, as well as nearby Milton Keynes and Bedfordshire.
Richard Connolly, Rentplus chief executive officer, said: “Our new partnership with Wellingborough Homes will form the foundation of our ambitious plans for Northamptonshire.
“These much needed new homes will make a vital contribution to helping the area’s working families onto an affordable pathway to homeownership.
“Rent-to-buy is an innovative model that gives people the opportunity to fulfil their dreams of homeownership while offering them the safety and security of a long-term tenure.
“We look forward to working with Wellingborough Homes to make more of these dreams a reality in the region.”
Tenants would pay an affordable intermediate rent and have the opportunity to purchase their home in five, 10, 15 or 20 years with a 10 per cent gifted deposit from Rentplus.
The rental period gives Rentplus tenants time to save and then buy their home.