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The Latest Part Buy-Part Rent Opportunities In The North East

Posted 5 May 2021 by Keith Osborne

There's a real variety of flats and houses available across the region under this affordable way to step onto the property ladder...

Purchasing a brand new home on the open market might seem a bit of a pipe dream to first-time buyers on a modest budget and with limited savings, but Home Reach is a scheme that could help it come true, and there are currently a number of opportunities to use it across the North East of England.

Home Reach is a scheme run by housing provider heylo in partnership with a number of housebuilders across England. Open to first-time buyers who meet the qualifying criteria, it’s a way of purchasing a share of their new home (usually 50%) and paying a subsidised rent on the remainder. It’s their home, but the process requires a much smaller deposit and mortgage than purchasing outright. They can buy further shares as their budget allows, until they own 100%.

At Burdon Green in Coxhoe, there a couple of semi-detached three-bedroom houses for sale through Home Reach, both priced at £94,497, based on 50% share (full market price £188,995). The ‘Ellerton’ and the ‘Maidstone’ have different layouts but both feature kitchen/dining room, separate lounge, downstairs WC, two double bedrooms (one with en suite), a single bedroom and a family bathroom. Coxcoe is a few miles south of Durham and well connected thank to it being just a few minutes from the A1(M).

Peerfields Village is a development in Chilton, halfway between Durham and Darlington. Here, the ‘Culbridge’ has kitchen/dining room, living room with bi-fold doors to the garden, a downstairs WC, family bathroom, two double bedrooms and a single bedroom. It is priced at £77,498 for a 50% share (based on full market value of £154,995). The ‘Dalbridge’ has a very similar layout and is priced at £79,998 (full market value £159,995). Chilton has some useful shops and amenities of its own but is also within a few minutes’ drive of Sedgefield and Bishop Auckland.

The Drive at Mount Oswald‘Cannington’ at The Drive at Mount Oswald

The Drive at Mount Oswald is just a couple of miles from the centre of Durham and served by Park and Ride, making it easy to combine access to all the shops and facilities of the city while having nature on the doorstep. Here, the ‘Cannington’ is a three-storey semi-detached house. On the ground floor are a dining/family room with glazed bay/French doors to the rear garden, a separate kitchen, a WC and a dedicated study; the first floor has a lounge, a double bedroom and afaily bathroom; and there are two more double bedrooms on the top floor, one of which as an en suite shower room.

Wheatriggs Court is in Millfields, Northumberland. This is close to the small town of Wooler, on the edge of the Northumbderland National Park and around 12 miles from the Northumberland Coast AONB. Here, there’s a chance to purchase a two-bedroom semi-detached home with Home Reach. The ‘Cork’ house type is priced at £52,995 for a 50% share (based on a full market price of £105,995) and comes with kitchen/dining room, a living room, family bathroom, and downstairs WC.

Fairways is in Morpeth and and offers a two-bedroom apartment which is priced at £62,000 for a 50% share, based on a full market value of £124,000. Set on the ground floor of a low-rise block Aston Court, this home has the bonus of a private terrace accessed through French doors from the open-plan kitchen/dining/living room. One of the bedrooms is a double, the other a single (or alternatively, a perfect home office), with a bathroom and storage cupboard off the hallway.

Find out more about Home Reach across the North East of England.

 

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Featured Developments
Coxhoe, County Durham DH6
£107,500 - £309,995
Burdon Green
Coxhoe, County Durham DH6 
3 - 4 bedroom properties
Barratt Homes
Darlington, County Durham DL17
Price on application
Peerfields Village
Darlington, County Durham DL17
3 bedroom properties
Home Reach
Durham, County Durham DH1
Price on application
The Drive at Mount Oswald
Durham, County Durham DH1 
Contact for more details
Home Reach
Milfield, Northumberland NE71
Price on application
Wheatriggs Court
Milfield, Northumberland NE71
Contact for more details
Home Reach
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  • Burdon Green
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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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