AFFORDABLE RENT TO BUY GET’S THE VIP TREATMENT
TACKLING the city’s housing crisis with a commercial and social purpose – is at the heart of a new 190 housing development at Redwood Heights in Plympton, said local MP Gary Streeter.
Plymouth based Rentplus, that provides affordable rent-to-buy homes together with its partner Tamar Housing, officially opened the doors to the first phase of 9 completed properties that was inaugurated by the Lord Mayor Wendy Foster, and a group of VIPs led by Gary Streeter MP.
Lord Mayor Wendy Foster and husband Ken
Mr Streeter, said: “This is a very classy development being built by Barratt Homes, and Rentplus is a unique housing model working on the national stage.”
“I am delighted to see this first phase that will eventually be twenty-seven Rentplus homes available, consisting of two and three bedroom homes being offered to rent and buy for local families in my constituency.”
“I wanted to see for myself this innovative housing idea, and to solve the housing crisis we need to offer a range of different types of housing, and particularly affordable housing – to meet the needs and aspirations of local people.”
“Rentplus is an innovative option, providing a much-needed genuine alternative for people who are struggling to find a secure home to raise their family and help build the communities of the future. I look forward in seeing many more of these developments in Plymouth and across the South West region,’ he said.
MP Gary Streeter and Lord Mayor wendy Foster opens new homes at Redwood Heights
Steve Collins, Rentplus, chief executive, said: “This is our second scheme in Plymouth, with more currently under construction, and we’re very pleased to be able to help local families achieve their first step on the housing ladder, and continuing our strategic relationship with Plymouth City Council – and developing more affordable housing around the city.”
Rentplus has been set up to create opportunities for people and families with limited prospects of accessing affordable homes, let alone buy a home they can call their own. We know the average house prices both here and across the country are otherwise often beyond the reach of many hard working people, said Mr Collins.
“We are looking to expand our presence in Plymouth and delivering more affordable homes, contributing to inward investment and creating sustainable communities and place-making,” he said.
Councillor Glen Jordan, of Plympton Chaddlewood, said: “This is an exciting development and opening the doors for local families to rent and buy, and I certainly want to see more of these schemes in Plymouth.”
Julie Barnett, Tamar Housing, chief executive, said: “The Redwood Heights scheme is a great city collaboration between Plymouth City Council, Tamar Housing and Rentplus. House prices are high in Plympton and wages are low. These new affordable homes will support local working families who aspire to own their own homes and celebrate taking their first crucial steps onto the property ladder,” she said.
Richard Pillar, The founding director of Rentplus, added: “It is particularly rewarding for me to see what was a concept for the delivery of a new model of affordable housing becoming widely recognised as a mainstream product across the UK.”
“Plymouth City Council officers and members across political parties should be congratulated for taking the time to understand the model and the hurdles we have had to overcome to satisfy the institutional capital markets,” he said.
“This scheme has proven itself in Plymouth and is set to raise over £1 billion over the next five to ten years to deliver housing across the country – to support young aspiring families struggling to get on the housing ladder.”
“The South West, and specifically Plymouth, is where Rentplus started; and continues to be a target area for growth.”
“The opening of the Redwood Drive development further demonstrates how Rentplus can meet Plymouth City Council’s strategic housing plans and rent to buy homes,” said Mr Pillar.
Rentplus was established in 2013 by local Property Developer Richard Pillar. The company is funded by institutional investors, and is the leading provider of affordable rent to buy homes nationally.
The Rentplus model offers aspirant home owners security of tenure with the opportunity to rent and then purchase their own home. Working with Registered Providers (Housing Associations), the Rentplus affordable rent to buy model offers the security of five-year renewable tenancies at an affordable rent, set at no more than 80% of market rent (or LHA) inclusive of service charges.
Tenants are given the opportunity to purchase their property at year 5, 10, 15 or 20 and are given a 10% gifted deposit from Rentplus to aid their purchase.
With offices in Plymouth and London, Rentplus currently has a pipeline of 10,500 homes across the country. The company currently has affordable rent to buy homes in Palmerston Heights in Plymouth, Sherborne in West Dorset, Lechlade in the Cotswolds, Bicester in Oxfordshire, Cullompton, Wembury and North Tawton in Devon, with many homes under construction in Devon, Plymouth, Cambridgeshire, and Northamptonshire, and plans to develop many more across the country this year.
About Tamar Housing
Tamar Housing owns and manages over 600 homes in Plymouth and the surrounding Local Authority areas. Last year, Tamar celebrated 50 years of providing high quality, affordable homes and services for the people living in their homes and have ambitious plans for significant growth including a continued determination to make a difference for local households wishing to move onto home ownership in which Rentplus will play a significant role.