New Walsall development welcomes in first Rent to Buy customers
Wannabe homeowners in Walsall are being given a helping hand onto the property ladder after moving into whg’s first 'rent to buy' properties.
Customers have picked up the keys to their new homes at The Cinnamons in Teddesley Street.
The properties are some of Black Country landlord whg’s first properties offered under the national rent to buy initiative.
Under this scheme, customers, who cannot afford a deposit for a house, have the chance to buy their homes once they have lived there for at least five years.
Trisha Stych, age 24, is delighted with her new two bedroom home.
She said: “Without this scheme I don’t think I would ever be able to afford my own home as rents are so high I wouldn’t be able to save for a deposit.
“The house is perfect and they have thought of everything.”
Gary Brookes, director of housing at whg, said: “For many people, saving for a deposit on a new home could take years, or is something that is simply not possible due to other financial pressures.
“The Rent to Buy scheme gives people an affordable way onto the property ladder, allowing them to move into their dream home and pay a reduced rent. This means they can save for a cash deposit so they can apply to buy their home later.
“This new development forms part of our plans to build 1,400 new homes across the region in the next four years. These are offered to customers through a variety of schemes to suit their individual circumstances.”
The 33 home development at the Cinnamons, which also includes rented accommodation, has been part-funded by Homes England and is being built by partnership homes developer Lovell.
Rent to Buy is a government scheme designed to help people who are struggling to save for a deposit by offering a period of lower rents before the opportunity to buy their home outright.
Formerly known as Walsall Housing Group, whg now operates across 18 local authority areas in the Midlands, housing more than 40,000 people in around 21,000 properties.
Its roots were in an arms-length housing association set up to take over Walsall's 20,000 council houses in 2003.