Rent-to-buy home provider Rentplus and Harrow Churches Housing Association have announced a partnership to provide rent-to-buy homes at Mulberry Development’s Stratton Park scheme in Bicester, Oxfordshire.
The 10 two-bedroom homes will be built by Mulberry Developments as part of a 125-home scheme, while HCHA will manage the 10 Rentplus homes.
Rentplus plans to build 5,000 new rent-to-buy homes by 2020. Under the model tenants pay an intermediate rent which is substantially lower than market rents in the area, and can purchase their home in five, 10, 15 or 20 years.
Funded by institutional investors with no grant or public subsidy, Rentplus properties are let on 20-year operating leases to housing associations, such as Harrow Churches, which manage the homes and provide housing services for the tenants.
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