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Home Reach Opportunities In The West Midlands

Posted 6 December 2021 by Keith Osborne

A range of homes across the West Midlands region are available via the Home Reach ‘part buy-part rent’ scheme...

For house-hunters in the West Midlands regions searching for a first home to move into early next year, there are opportunities to do so at developments across the region which offer properties for sale through the Home Reach 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 West Midlands region now for sale through Home Reach.

Cliveland House is a 52-unit apartment block located on a quiet stretch of canal within Birmingham’s historic Gun Quarter, just a 10-minute walk from Snow Hill station. This also currently offers some one-bedroom homes through Home Reach. One example benefits from an open-plan fitted kitchen/diner/living area, double bedroom, bathroom and built-in storage. It is priced at £110,000 for a 50% share (full market value £220,000) and requires a minimum 5% deposit of £5,500. A two-bedroom apartment is available for £132,500 (a 50% share of full market value from £265,000).

The Pavilions is under a mile from Kenilworth town centre, located next to the cricket club. A 50% share of the ‘Holly’ is priced from £187,000, based on a full market value from £374,000. At the front of the house is a comfortable sitting room and at the rear, the kitchen/dining room with French doors to the garden. Also downstairs are a cloak room and some handy storage under the stairs. On the first floor are two bedrooms (one with en suite) and a family bathroom.

Fletcher's Rise

Fletcher's Rise is in Wombourne, around five miles from the centre of Wolverhampton, and is currently offering two- and three-bedroom homes on a ‘part buy-part rent’ basis. One is a bungalow called the ‘Ebony’ which has a kitchen/dining area with French doors to the garden, a separate sitting room, two double bedrooms, a single bedroom, a family bathroom and large storage cupboard off the hallway. It can be purchased with a share as little as 40% at £164,000 (full market value £410,000). There’s also the ‘Hawthorn’ at £116,148 for a 50% share (full market value £232,295) which has an open-plan kitchen/dining/living room, downstairs cloakroom, two double bedrooms and bathroom.

Berrington Place is within walking distance of Birmingham city centre and could offer a perfect first home with a range of one-bedroom apartments. The ‘Type N’ has an open-plan kitchen/dining/living space and double bedroom and has a specification including a Symphony fitted kitchen with a range of integrated appliances, flooring included throughout and contemporary white sanitaryware to the bathroom. A 50% share of this home is £94,250 (based on a full market value of £188,500) and would require a minimum of 5% deposit from £4,713.

Find out more about Home Reach properties across the West Midlands region.

 

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Featured Developments
Birmingham, West Midlands B19
Price on application
Cliveland House
Birmingham, West Midlands B19 
Contact for more details
Home Reach
Kenilworth, Warwickshire CV8
£150,400 (from 40% share)
The Pavilions
Kenilworth, Warwickshire CV8 
2 bedroom properties
Home Reach
Wombourne, Shropshire WV5
£145,438 (from 40% share)
Fletcher's Rise
Wombourne, Shropshire WV5 
2 bedroom properties
Home Reach
Balsall Heath, West Midlands B5 7
£73,200 - £76,200 (from 40% share)
Berrington Place
Balsall Heath, West Midlands B5 7
1 bedroom properties
Home Reach
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  • Cliveland House
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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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