Selby District Council is working with Rentplus, the leading provider of affordable rent to buy homes, to offer 6 affordable rent to buy homes on the new Harron Homes site at The Hawthornes, Station Road, Carlton. These homes will give people who are living in or working in the area, a chance to move into a brand new home without the need for an upfront deposit.
It's a first for Selby and the scheme will help aspirant homeowners who cannot raise a deposit to move into a brand new home with no deposit. Tenants sign up for 5, 10, 15 or 20 years and pay affordable rent (80% of local rates usually) before they are gifted 10% towards their savings when they buy their home. The rent includes all repairs whilst they are tenants.
Raising a deposit to buy a home can seem out of reach for many: local residents, particularly key and essential workers who may be living in expensive or poor quality rented homes but who aspire to own their own new home. However, Rentplus provides an innovative and affordable new way for people to achieve their dream of home ownership.
Rent to buy offers a fantastic alternative to other forms of affordable housing. Rentplus tenants rent their brand-new home at 80% of local market rent which includes all service charges for 5, 10 15 or 20 years. This provides an excellent opportunity to save for a deposit and improve credit rating. At the end of the term agreed (5, 10 15 or 20 years) Rentplus gifts 10% of the property’s value to boost the tenant’s savings and help them purchase their home.
Rentplus has been providing rent to buy homes for over 6 years, and has housed over 450 families around the country. This number is significantly growing every month. At the end of 2016, the first tenants moved into brand new homes with £0 deposit. In 2021, Rentplus sold 100% of the first five year homes, with the tenants using their savings and their gifted sum to put down deposits of 20-25% and purchase 100% of their home, unless shared ownership, or Help to Buy. Rentplus really does turn renters into homeowners.
Steven Collins, CEO at Rentplus, said: “Affordability is an issue across the country, and we are pleased to be able to offer this affordable rent to buy option and remove the deposit barrier to make dreams become a reality for people in Carlton.
“These much needed new homes will make a vital contribution to helping the area’s working families onto an affordable pathway to homeownership without the need for the upfront deposit.”
Leader of Selby District Council and Lead Executive Member for Housing, Leisure, Strategic Matters, External Relations and Partnerships, Cllr Mark Crane added: “We know affordable housing is an issue and worry for our residents and this partnership provides an affordable way for local residents to get onto the property ladder.”
Aspiring homeowners looking for rent-to-buy must be either be living or working in the area or in education/training with local connections to Selby or North Yorkshire (excluding Harrogate).
The 6 attractive new build homes are all three bedroomed, with off street parking and are available now for people to express their interest by contacting Rentplus direct. Applicants should email email@example.com by 18 March.