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Lancashire Developments Offering Part Buy-Part Rent Scheme

Posted 23 September 2022 by Keith Osborne

The Home Reach scheme is available at a number of current developments across Lancashire…

Lancashire house-hunters on a limited budget will be delighted by the opportunities to part buy-part rent a varied collection of apartments and houses at numerous developments across the county through the popular Home Reach scheme.

Buyers who meet the eligibility criteria for Home Reach have an opportunity to purchase a share of a new build home (usually, but not always, between 50% and 75%) 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%.

Home Reach is currently available at an impressive number of current new homes developments in Lancashire but we’ve picked our three favourites for special attention.

Highgrove Park is just over a mile from the centre of the market town of Ormskirk, and right now there are two-bedroom apartments for sale there under the part buy-part rent scheme. The ‘Pendle’ has two double bedrooms, family bathroom, off-hallway storage and an open-plan, dual-aspect kitchen/living/dining room. A 50% share is priced from £78,998, based on a full market value from £157,996, which would require a minimum deposit from £3,950. Alternatively, with a similar layout and size, the ‘Easington’ starts at £79,998 (full market value from £159,996), which would require a minimum 5% deposit of £4,000.

‘Berkley’‘Berkley’ house type

For those looking for two-storey living, there are house types and Lyndon Park in Great Harwood that might fit the bill through Home Reach. Located on the edge of town, there are some major stores close at hand in addition to the range of shops and amenities in the town centre. Blackburn and Preston are under half-an-hour away, and Manchester and Liverpool. Here, the two-bedroom ‘Levan’ has a combined kitchen/diner, a large lounge leading to the garden, a downstairs WC, two generous bedrooms and a family bathroom. Buyers can start with a 35% share here from £62,648 (full market value from £178,995), which will require a minimum deposit from just £3,132. Or there’s the ‘Berkley’: off the hallway at the front is the kitchen/dining room, leading to the lounge and on to the garden; and there are two double bedrooms, a single bedroom (which could make a perfect home office) and a bathroom upstairs. A 35% share of this is priced from £81,548, based on its full market value of £232,995, which will require a minimum deposit from £4,077.

In popular Longridge is The Sandpipers, which is delivering a collection of three- and four-bedroom homes well located for major towns and the delightful countryside of the Forest of Bowland AONB. Every home here comes with designer kitchens, high-quality fixtures and fittings and a fully turfed and fenced garden. ‘The Larches’ is a three-bedroom terraced house type with cloakroom and lounge at the front, kitchen/diner at the rear, two double bedrooms, a single bedroom and a family bathroom. A 50% share starts at £99,840 (full market value from £199,680), requiring a minimum 5% deposit of £4,992. ‘The Ashton’ illustrates the range of Home Reach opportunities, being a four-bedroom family home with dual-aspect kitchen/dining room, separate dual-aspect lounge and en suite main bedroom. Outside is a paved private parking area. A 50% share is from £132,500 (full market value from £265,000), which would require a minimum deposit from £6,625.

Find out about current Home Reach opportunities across Lancashire.

 

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Featured Developments
Ormskirk, Lancashire L40
Price on application
Highgrove Park
Ormskirk, Lancashire L40 
1 bedroom properties
Home Reach
Great Harwood, Lancashire BB6
Price on application
Lyndon Park
Great Harwood, Lancashire BB6 
Contact for more details
Home Reach
Longridge, Lancashire PR3
Price on application
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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