Home Reach Opportunities In The East Of England
Posted 18 February 2022 by
Keith OsborneFor house-hunters in the East of England searching for a first home, there are opportunities to do so at developments across the region using the Home Reach assistance scheme.
Home Reach is a partnership between housing provider heylo and a number of housebuilders across England which gives buyers who meet the eligibility criteria the opportunity to ‘part buy-part rent’ a brand new home. You can purchase a share of a new build home (usually starting at 50%) and pay a subsidised rent on the remainder, with heylo as the landlord. The scheme is offered on selected plots at a development and provides all the benefits of homeownership but requires a much smaller deposit (5% of the share price) and a smaller mortgage than when purchasing outright. Over time, owners can buy further shares as their budget allows, until they own 100%.
Here are some examples of homes in the East of England now for sale through Home Reach.
The Square is in Harlow, the well-connected Essex town which is undergoing major regeneration. As well as offering its own shopping centre and a range of amenities and public open spaces, it has excellent rail links to central London and Stansted Airport, and is close to the A414 and M11. At £95,000 for a 50% share (full market value £190,000) through Home Reach, there’s a final one-bedroom apartment with fully fitted kitchen/diner, and bathroom. The double bedroom comes with built-in wardrobes. This requires a minimum of 5% deposit from £4,750.
St Marys at Kings Field
St Marys at Kings Field features two-, three- and four-bedroom homes in a village just a couple of miles from the centre of Bedford and under 20 minutes to the M1 and Milton Keynes. Life in the village offers parks, scenic river walks, bike trails, and golf courses nearby and there are ‘Good’ Ofsted-rated schooling options close by for children of all ages. The ’Oakley’ is a first-floor apartment located above carports, that can be purchased through Home Reach. For £130,000, a buyer gets a 50% share of a home (full market price £260,000, requiring a minimum of 5% deposit of £6,500) with open-plan living/kitchen/dining room, bathroom and two double bedrooms, as well as one of the parking spaces below.
Stockwood Gardens in Luton is a development of 340 high-specification one-bedroom apartments with homes across 11 individual residential blocks. There are with picturesque views of Stockwood Park, the local golf course and rugby club. With Home Reach, for £109,975 (50% of the full market value of £219,950) a buyer can secure a one-bedroom apartment with kitchen/living/dining room with a glazed aspect and door to the private balcony, and a bathroom and storage cupboard off the hallway. A minimum 5% deposit of £5,499 would be required.
Oak Farm Meadow
Oak Farm Meadow is situated in the mid Suffolk village of Stowupland and offers homes within walking distance of a range of village amenities, these include the parish church, village hall, shops and two pubs. Perfect for families, a primary school, secondary school and sports centre are all within easy reach too, as are a host of major towns. The ‘Eveleigh’ is a three-bedroom home with kitchen/dining room, separate living room, a downstairs cloakroom, family bathroom, two double bedrooms (one with en suite) and a single bedroom. A 50% share of this house is priced from £149,998 (full market value from £299,995) and requires a minimum 5% deposit of £7,500.
Located in the heart of Peterborough, Bayard Plaza is a collection of two-bedroom apartments which have the benefit of balconies and views across the city. The development has secure gated underground parking and an automated entry system. It has a concierge service, well-equipped residents’ gym and a cinema room. A two-bedroom apartment here comes with an open-plan kitchen/dining/living area and an en suite to the master bedroom. Kitchens and bathrooms are fitted with top-brand appliances and there are luxuries such as USB sockets, air conditioning and fitted wardrobes. A 50% share is from £93,750 (full market value £187,500) and requires a minimum of a 5% deposit of £4,688.
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