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Current Chances To Part Buy-Part Rent In Lancashire

Posted 10 June 2022 by Keith Osborne

We look at the latest part buy-part rent Home Reach opportunities at developments across Lancashire...

House-hunters across Lancashire who want to put a first step on the property ladder but only have a modest budget could qualify for Home Reach as a way to ‘part buy-part rent’ a brand new home at a number of developments across the region.

For buyers who meet the eligibility criteria, Home Reach is scheme offering a chance to purchase a share of a new build home (usually starting at 50%) and pay a subsidised rent on the remainder, with housing provider heylo as the landlord. Home Reach is offered on selected plots at developments across England 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%.

Newchurch Meadows is in the town of Rawtenstall in the Rossendale Valley, at the centre of the Burnley/Blackburn/Rochdale triangle. The A66/M66 means that the centre of Manchester can be reach in just half-an-hour. Here, the ‘Bilberry’ house type is for sale through Home Reach, starting from £116,250 for a 50% share (full market value £232,500) and requiring a minimum 5% deposit of £5,813. Offering 809 sq ft of living space, this home has a lounge at the front which leads to the kicteh-diner at the rear, which in turn has French floors to the garden. Also downstairs is a cloakroom and a storage cupboard under the stairs. Upstairs are a double bedroom, two single bedrooms (equally suited to being home office or nursery) and the family bathroom.

Clover Meadows is in Clitheroe, part of the attractive Ribble Valley just south of the Forest of Bowland within easy reach of a number of major towns including Skipton, Blackburn and Preston. Home Reach is available on a range of house types. One is a bungalow type called the ‘Barrowdale’, which has an open-plan kitchen/dining/living room with French doors to the garden, a single double bedroom with built-in wardrobe, and a bathroom. A 50% share is priced from £82,498, based on a full market value from £164,996. This will require a minimum 5% deposit from £4,125. Another option is the three-bedroom ‘Pendle’. The living/dining room leads to the rear garden, and there’s a separate fitted kitchen at the front of the house. A cloakroom and understairs storage complete the ground floor. Upstairs, two of the bedrooms are doubles and the other single, and they share a family bathroom. A 50% of this house type starts at £122,498 (full market value from £244,995), and will require a minimum of 5% deposit from £6,125.

‘Croston’The ‘Croston’ house type

The Avenues is a development is Preston which right now has a couple of options with Home Reach. From £107,500 (full market value £215,000) is the ‘Downham’. This has a kitchen/dining room with access to the garden and there’s also a living room and a downstairs cloakroom. Two double bedrooms upstairs share the family bathroom. A larger house type is the ‘Croston’. This has a similar ground floor layout as the other house type – kitchen/dining room, lounge, cloakroom – but there are three bedrooms upstairs, and the family bathroom. This one is priced from £122,500 for a 50% share (full market value from £245,000), requiring a minimum of 5% deposit from £6,125.

In Longridge, you’ll find The Sandpipers, a development of three- and four-bedroom home which could be a perfect choice for families. ‘The Larches’ is one of the houses for sale through Home Reach and it’s an attractive three-bedroom option. There’s a cloakroom off the hallway, and it’s through the lounge to the kitchen/dining room at the rear, which has French doors to the garden. Upstairs, bedrooms one and two are both good-sized doubles and bedroom three is a single room which could fulfil lots of different functions. A family bathroom completes the layout. This home will require a minimum 5% deposit of £5,375 for a 50% share of £107,500 (based on the full market price of £215,000). For a larger home, ‘The Ashton’ could be the answer. Both the kitchen/dining room and the separate lounge are generously glazed dual-aspect rooms, and there’s also a downstairs cloakroom and a utility room. There are two double bedrooms and two single bedrooms, with bedroom one having the luxury of an en suite. The other rooms can share the family bathroom. A 50% of this property through Home Reach is from £132,500, based on its full market value from £265,000. You’ll need a minimum 5% deposit of £6,625.

Find out more about current Home Reach properties in Lancashire.

 

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Featured Developments
Clitheroe, Lancashire BB7
£82,498 (from 50% share)
Clover Meadows
Clitheroe, Lancashire BB7 
1 bedroom properties
Home Reach
Rossendale, Lancashire BB4
£125,000 (from 50% share)
Newchurch Meadows
Rossendale, Lancashire BB4 
3 bedroom properties
Home Reach
Preston, Lancashire PR3
£107,500 - £122,500 (from 50% share)
The Avenues
Preston, Lancashire PR3 
2 - 3 bedroom properties
Home Reach
Longridge, Lancashire PR3
£99,840 - £132,500 (from 50% share)
The Sandpipers
Longridge, Lancashire PR3 
3 - 4 bedroom properties
Home Reach
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A Guide To Part Buy Part Rent
With Home Reach you buy a share of your chosen newly built home and pay a monthly rent on the part you don’t buy. Your budget will decide the size of the share you buy, rather than the size of your home. So, you might decide to buy a bigger share of a lower priced home or a smaller share of a more expensive home.

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