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Part Buy-Part Rent A Brand New Home In Somerset

Posted 4 August 2022 by Keith Osborne

Home Reach offers a chance to buy an affordable share of a brand new home and is available at schemes in Somerset...

For people in Somerset hoping to take a first step on the homeownership ladder, full market price can require far too much deposit and too big a mortgage – but the Home Reach scheme is something that could [elp make a dream come true.

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%.

High View is located in the heart of Somerset on the outskirts of the small village of Paulton, eight miles from Bath and 12 miles from Bristol. The village has its own day-to-day essentials. Midsomer Norton is only five minutes away and has a broader range of local shops and a number of leading supermarkets. Paulton itself has sports and social clubs, and pre-and primary schools within the village. High View has two-bedroom apartments for private sale (with Help to Buy on selected plots) and through Home Reach. They are designed with a large open-plan kitchen/dining/living area, a master bedroom with en suite bathroom, a second double bedroom and main bathroom, with useful built-in storage throughout. The starting price with Home Reach is from £115,998 for a 50% share (full market value from £231,995), requiring a minimum deposit from £5,800.

On the outskirts of historic Wells, you’ll find Priory Fields, a collection of two-, three- and four-bedroom homes which is now 90% sold. Excellent road links on the doorstep to the likes of Taunton, Bristol, and Bath. The three-bedroom ‘Cypress’ is for sale through Home Reach and might make a perfect choice for young professionals and families. There’s an open-plan kitchen/diner with adjoining utility area, a separate sitting room, downstairs cloakroom and built-in storage to the ground floor. Upstairs, bedroom one comes with an en suite, and the second double bedroom, a single third bedroom can share the family bathroom. A 50% share of this attractive home is from £200,000 (based on the full market value from £400,000), which would require a minimum deposit from £10,000.

Find out more about current Home Reach developments across the South West of England.

 

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Featured Developments
Paulton, Somerset BS39
£115,998 (from 50% share)
High View
Paulton, Somerset BS39
2 bedroom properties
Home Reach
Wells, Somerset BA5
£200,000 - £205,816 (from 50% share)
Priory Fields
Wells, Somerset BA5 
3 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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