Plymouth's first rent-to-buy homes completed

The country’s first rent-to-buy homes from Rentplus have been completed in Plymouth, as part of a drive towards developing new homes to help tackle the region’s housing shortage and provide much-needed housing for local families.

The properties are the first five of 19 affordable rent-to-buy homes being delivered by innovative new housing company Rentplus as part of a 139 home development built by Persimmon Homes, which includes a range of properties available at affordable rent or to buy.

The homes at William Prance Road, Derriford, have been built as part of Plymouth City Council’s Get Plymouth Building programme, with the remaining properties due to be delivered in the coming months.

The Rentplus homes are available at affordable rents (up to 80 per cent of local market rent) for an agreed period of between five and 20 years. At the end of the tenancy, residents are given the opportunity to buy their Rentplus home and will be given a ten per cent deposit by Rentplus to do so.

The homes have been allocated to families through the Devon Home Choice register and the first residents will move into their new homes in March.

An additional five social rented homes will be owned and managed by local social landlord Tamar Housing Society.

Rentplus Chief Executive, Richard Connolly, said: “As part of our commitment to delivering the Rentplus model nationally, we are delighted to announce that the first five Rentplus homes have been completed this month at Palmerston Heights in Plymouth.

“The homes are to be managed by Tamar Housing Society and are intended for local families in the Plymouth area. We are working with Tamar Housing Society to deliver the remaining affordable rent-to-buy homes, and look forward to announcing more completions over the coming months and the first families moving into their new homes.”

Julie Barnett, Chief Executive of Tamar Housing Society, said: “We have seen an incredible response from people interested in buying their own home through the rent-to-buy model, demonstrating the dire need for affordable housing for families in the area.

“Working in partnership with Devon Home Choice, we have been able to ensure these homes go to those who need them most and are going some way towards tackling the growing housing crisis in the South West. With a number of developments underway across the region, Rentplus is leading the charge in establishing a genuine alternative to allow people to rent, save and then buy their own home.”

Rentplus has a significant development pipeline and is currently developing an additional 46 affordable homes in the region at Sherborne in Dorset and Mannamead in Plymouth.