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Chances To Part Buy-Part Rent In County Durham

Posted 6 August 2021 by Keith Osborne

The Home Reach scheme is making a three-bedroom first home a realistic thought for house-hunters in County Durham...

With property prices rising over 16% in County Durham over the last 12 months, first-time house-hunters on a modest budget might think they have even less chance than ever of getting on the property ladder – but the Home Reach scheme could be the answer.

Home Reach is a scheme run by housing provider heylo in partnership with a number of housebuilders across England. It is open to first-time buyers who meet the eligibility criteria and is a way of purchasing a share of a new build home (usually starting at 50%) and paying a subsidised rent on the remainder, with heylo being the landlord. There are all the benefits of homeownership but this scheme requires a much smaller deposit and mortgage than purchasing outright. If they wish to, owners can buy further shares in their home as their budget allows, until they own 100% of it.

There are some great opportunities to purchase through Home Reach in County Durham right now.

Peersfields Village is in Darlington and offers a three-bedroom starter home for only £67,497, based on a 50% share of the full market value of £134,995. The ‘Dalbridge’ has a kitchen/dining room with French doors to the rear garden, a living room, downstairs WC, two double bedrooms, a single bedroom and a family bathroom.

Burdon Green is in Coxhoe and there’s a ‘Maidstone’ three-bedroom semi-detached house there that could be an ideal, comfortable first home. Priced at £94,497 for a 50% share (full market price £188,995), and requiring a minimum deposit of £4,725, this has a kitchen/dining room with French doors to the garden, a separate living room, downstairs cloakroom, two double bedrooms (one with en suite), a single room and a family bathroom.

‘Moresby’‘Moresby’ house type

The ‘Maidstone’ house type is also available at Burton Woods in Spennymoor – but for just under £100,000, buyers might opt for the larger ‘Moresby’ detached house. This has a dual-aspect lounge, open-plan kitchen/dining room, downstairs cloakroom, two double bedrooms (one with en suite), a single room and a family bathroom. The ‘Moresby’ is priced at £96,495 and requires a minimum deposit of £4,825 based on a 50% share of a full market value of £192,995.

If you’re looking for three-storey living, the answer might lie at The Drive at Mount Oswald. The ‘Cannington’ is priced £161,995 for a 50% share (based on a full market price of £323,995) at offers nearly 1,200 sq ft of living space, perfect for a growing family. On the ground floor in a dedicated study, a kitchen, a dining/family room with glazed by to the garden, and a downstairs cloakroom. On the first floor is a lounge, a bathroom and a double bedroom. On the top floor are two more double bedrooms, one with en suite shower room.

 

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Heron House (Home Reach)
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Centenary Quay (Home Reach)
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The ‘Larch’ at Crown Hill Gardens (Home Reach)
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Ockford Park (Southern Home Ownership)
12 October 2021
Southern Home Ownership has apartments available through the Shared Ownership scheme at its Godalming development…Read more
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The ‘Burnet’ at Spinnaker (Home Reach)
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A range of homes across the region can be purchased right now via the part buy-part rent scheme...Read more
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Holbeck Park (Home Reach)
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A range of homes across the county can be purchased right now via the part buy-part rent scheme...Read more
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A Guide To Part Buy Part Rent
Part Rent Part Buy is a scheme you can use with Home Reach where you buy a share of your chosen newly built home and pay a monthly rent on the part you don’t buy. Find your part buy part rent house today!

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