Representing the first scheme of its type in Hampshire, a total of 73 Rentplus homes ranging from one-bed flats to four-bed houses will be offered at Prince Phillip Park, in a unique partnership between Rentplus, East Hampshire District Council, Taylor Wimpey and Winchester Housing Trust.
The project offers the opportunity for tenants, many of whom are expected to be key workers, to move into a brand-new home without having to pay an initial deposit, and pay an affordable rent for the duration of their lease.
Leases run for a minimum of five years and up to 20 years, giving residents time to clear debts and save towards a deposit.
At year five, and key points during the lease, residents have the opportunity to buy their property: at which point, Rentplus will gift them ten per cent of the purchase price towards a deposit.
Applicants should be registered on the Hampshire Home Choice scheme to stand the best chance of being allocated a Rentplus home.
They should be in full-time employment and a financial assessment will be carried out before ascertaining whether an applicant will be appropriate for a five, 10, 15 or 20 year purchase plan.
Poor historic credit is no barrier to acceptance as tenants have a minimum of five years to be able to rebuild their credit history.
Steve Collins, CEO at Rentplus, said: “Raising a deposit has become the biggest barrier to home ownership – even a five per cent deposit is beyond the realms of possibility for those people in society we have come to rely on – our NHS workers, our teachers, our emergency service personnel.
“Moving into a brand-new home without paying a deposit, paying affordable rent for five years plus is a real opportunity.”
James Child, project lead at Whitehill & Bordon Regeneration Company, said: “Giving people the ability to rent their home with the option to buy is incredibly important and we’re pleased this agreement with Rentplus is in place.”
Cllr Richard Millard, leader of East Hampshire District Council, said: “I am delighted to see these new properties made available through the Rentplus scheme which will make them more affordable and more accessible to our new residents.”
It is hoped the first Rentplus residents will move into their homes in late December 2020/spring 2021, with all tenants moving in by spring 2022.