For house-hunters across Lancashire on a modest budget, there’s a chance to ‘part buy-part rent’ a brand new home at developments across the county thanks to Home Reach.
For buyers who meet the eligibility criteria, Home Reach is an opportunity 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. The scheme 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%.
There are apartments for sale at Highgrove Park, a development in the well-served market town of Ormskirk, with easy access to the likes of Southport, Wigan and Liverpool. A one-bedroom apartment here, called the ‘Lathom’, is priced from £74,975 for a 50% share, based on a full market value from £149,950 and requiring a minimum of 5% deposit from £3,749. This has an open-plan kitchen/living/dining room, two useful storage cupboards off the hallway and comes with an allocated parking space. If you require more room, then the two-bedroom ‘Rufford’ might be ideal, with open-plan kitchen/living room, off-hallway storage, family bathroom and two double bedrooms, one with en suite. This also comes with allocated parking and a 50% share starts from £84,975 (full market value from £169,950), which would require a minimum of 5% deposit from £4,241.
‘Ribbleton Special’ house type
Illustrating the variety of property types offered by Home Reach, Alston Grange has bungalows available through the scheme. This development is located in Longridge, amongst the rolling fields of the Ribble Valley but within easy reach of Preston. One of the homes currently for sale is called the ‘Ribbleton Special’ which is priced from £93,998 for a 50% share (full market value from £187,995, requiring a minimum of 5% deposit from £4,700). This has a fitted kitchen, separate living/dining room with French doors to the garden, a double master bedroom, single bedroom two, and bathroom.
Cedar Place is in the charming semi-rural village of Barton, within easy driving distance of Garstang, Broughton and Bilsborrow. There are some excellent local amenities, including Ofsted-rated ‘Outstanding’ schools. Here, the ‘Oakmere’, a two-bedroom apartment with open-plan kitchen living room and a bathroom, starts at £62,475, with a full market value from £124,950, requiring a minimum 5% deposit from £3,124.
Romans Green is a development in Preston and offers great transport links, proximity to countryside and some high-quality local schools. The ‘Lutterworth’ is a quirky design which offers a kitchen/dining room and a separate lounge, both of which have French doors to the garden. Two of the three bedrooms are doubles, with the bonus of an en suite to bedroom one. A family bathroom completes the first floor. The price starts at £131,250 for a 50% share, based on the full market value from £262,500, which would require a
minimum of 5% deposit from £6,563.
‘Bilberry’ house type
Newchurch Meadows is less than a mile from the centre of Rawtenstall in the Rossendale Valley, around 20 minutes from Burnley, Bury and Blackburn. The M66 puts Manchester city centre around half-an-hour away. Right now, the ‘Bilberry’ is a lovely three-bedroom house available with Home Reach. Downstairs are the living room at the front of the home, leading to the kitchen/dining room at the rear with French doors to the garden. There’s also a downstairs cloakroom and some handy storage under the stairs. Off the landing on the top floor are the three bedrooms and a family bathroom. A 50% share is from £116,250 (full market value from £232,500), requiring a minimum of 5% deposit from £5,813.
In Broughton, just north of Preston, The Avenues has a collection of houses type that would make excellent starter homes, set on wide, tree-lined streets and with some new public green spaces. The ‘Downham’ is a two-bedroom house with living room at the front, kitchen/dining room to the garden at the rear, downstairs WC, understairs storage and a bathroom. This is priced £105,000 for a 50% share (full market value £210,000, minimum 5% deposit £5,250). Alternatively, the ‘Croston’ has a similar layout but there are three bedrooms. This is prices at £120,000 for a 50% share (full market price £240,000, requiring a minimum 5% deposit of £6,000).
Find out more about current Home Reach properties available in Lancashire.
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