Combined Authority Mayor welcomes exciting new affordable ‘rent to buy’ homes in the East of England.
A picturesque village in Fenland is the first in the East of England to offer local people the chance to get on the housing ladder, with Mayor James Palmer hoping it’s the first of many.
New homes built in Doddington, Cambridgeshire, are giving local people the chance to take advantage of an innovative ‘rent to buy’ option. This has been made available thanks to a successful new partnership between Rentplus and King Street Housing (part of Aldwyck Housing Group), Fenland District Council and Larkfleet Homes.
The mayor of the Combined Cambridgeshire and Peterborough Authorities, James Palmer, joined local officials, representatives from King Street Housing and Aldwyck Housing Group and developers, Larkfleet, for the official opening of the new Rentplus development in Doddington.
Mr Palmer welcomed the opportunity of bringing Rentplus into Cambridgeshire and Peterborough and talked about the need to develop affordable ‘rent to buy’ housing to meet the demand of the growing workforce, saying: “Rentplus is a fantastic opportunity. I am really pleased it is happening here. I hope this is the first of many developments.”
Four new two and three-bedroom Rentplus homes on Witchford Close, part of the Wimblington Road Doddington development site, are the first of the innovative ‘rent to buy’ schemes in Fenland. Rentplus has already proved popular with working families hoping to own their own home across the South of England and the East Midlands.
The homes will be managed by King Street Housing who will also support the families in their journey from renting to owning their new homes.
“We’re delighted to offer the first rent to buy properties in the area with Aldwyck Housing Group and King Street Housing. Our families are aspirant home owners, often trapped in high rental accommodation which eats their income, leaving them unable to save for a deposit or clear any debt history. This makes it impossible to access other home ownership products. Rentplus helps them to fulfil their dreams of homeownership while offering them the safety and security of a long-term rental tenure, giving them space to build up some savings whilst setting down roots in their local community. I hope that this is the first of many schemes to allow us to deliver more affordable rent-to-buy homes here in Cambridge and across the East of England.” Steve Collins, CEO Rentplus
Craig Glasper, Aldwyck’s Executive Director of New Business and Managing Director of King Street Housing: “This is a great example of how, by working together, we can bring new types of property to the area. This initiative offers a fantastic opportunity for people to move into home ownership following a period of renting their home at an affordable level.”
The ‘rent to buy’ option from Rentplus offers an accessible route to homeownership for lower or middle income working people who are unable to save for a deposit. Customers pay an affordable intermediate rent which is substantially lower than market rents in the area. The rent service charges and with no maintenance responsibilities, occupants have can save for a deposit and build a credit history to support mortgage applications. They then have the option to purchase their home after 5, 10, 15 or 20 years, at which time Rentplus gifts them a cash sum of ten per cent of the market value of the house towards their deposit.
Situated within easy reach of Cambridge and Peterborough, the new homes are within the village of Doddington, a vibrant traditional community situated in the heart of Cambridgeshire Fenland. Doddington has a real village and community feel with plenty going on. The many footpaths around the village allow residents to soak up the fantastic Fenland views, and the RSPB reserve at Ouse Washes and the Welney Wildlife centre are close by.