Would-be house-hunters on a modest income and with limited savings may think that actually taking a first step on the property ladder will be beyond their means – but a scheme called Home Reach may be a solution.
Across the South West of England, housebuilders have teamed up with housing provider heylo to offer Home Reach on a number of ideal first homes at some of their developments. It allows someone to ‘part buy-part rent’ a property, which means that they can own a share of it and pay a subsidised rent on the remainder. They can do this with a much smaller deposit and mortgage that they would need to purchase outright.
There are some terms and conditions of whether you may qualify to use the scheme, but you can check that out here.
Here are a few of the current developments in Devon, Somerset and Gloucestershire which offer the Home Reach scheme.
Victoria Views in Plymouth is a crescent of 24 apartments. Here, a 50% share of one-bedroom home can be purchased for £63,500 (full market value £127,000) or if you need more space, there’s a three-bedroom duplex property which starts at £89,500 for a 50% share (full market value £179,000). Both have an open-plan kitchen/living room and a Juliet balcony in the main bedroom, and the three-bedroom home, set over two floors, has the bonus of a ‘winter garden’ enclosed balcony to the living room. All residents have allocated parking.
This development overlooks Victoria Park, with large, flat grass areas, a small cycle track and bowling green. It’s also within walking distance of the city centre and an enclosed children’s play park with various pieces of high quality equipment can also be found nearby. Find out more about Victoria Views.
The Landings is a development just west of Barnstaple which currently offers a two-bedroom apartment style through Home Reach. There are three examples of The Taw with prices starting at £91,250 for a 50% share (based on a full market value of £182,500) and allocated parking. This property type has an open plan kitchen/living/dining area, two spacious bedrooms – with the bonus of en suite and built-in wardrobe to bedroom one – a family bathroom and some very useful storage off the hallway.
The Landings
This development comprises a mix of apartments and houses with from one to five bedrooms. It is within easy reach of the well-served town centre, the River Taw and the beautiful sandy beaches of the North Devon Coast and South West Coast Path. Find out more about the Landings.
Long Hazel Farm is in Sparkford, north of Yeovil. Perfect for a growing family is Plot 3, an end-terrace three-bedroom houses that through Home Reach is available for £137,500, based on 50% of the full market value of £275,000. On the ground floor is a kitchen/dining room at the front and a sitting room at the rear with French doors to the garden. Two of the bedrooms are doubles and the single bedroom could equally function as a home office. This home also a comes with a downstairs WC and a family bathroom, as well as two parking spaces
This development comprises 35 properties in all and while offering a village location, is also a straightforward journey to towns such as Yeovil and Shepton Mallet. It’s also situated just off the much-loved A303, heading to Devon and, via Stonehenge, to Andover and Basingstoke. Find out more about Long Hazel Farm.
Priory Fields, on the north-west fringe of the city of Wells, is offering a range of properties through Home Reach, including the three-storey ‘Poplar’ house type, which is priced from £183,006 for a 50% share. This townhouse has higher-than-average ceiling height, giving a spacious feel throughout. Past the cloakroom off the hallway and it’s a large, open-plan kitchen/dining/living room with French doors to the garden. There’s a sitting room on the first floor, alongside a bathroom and a room that could be a bedroom, study or hobby room. There are two double bedrooms on the top floor, with an en suite to bedroom one. The buyer also gets a garage and parking.
This development in just minutes from the city centre and the natural beauty of Wookey Hole and the Mendip Hills. There are also a number of ‘Good’ Ofsted-rated schools and it’s around a 40-minute drive to the likes of Bath, Bristol and Weston-super-Mare. Find out more about Priory Fields.
The Avenue
Moreton-in-Marsh is on the edge of the Cotswolds and just a mile from the town centre is The Avenue. The ‘Hawthorn’ is a two-bedroom house type with prices starting at £122,500 for a 50% share (full market price of £245,000). It has an open-plan kitchen/dining/sitting room, cloakroom, under-stair storage, two double bedrooms and a bathroom. This home type comes with allocated parking.
Aside from the miles and miles of beautiful countryside, Moreton-in-Marsh has a station with services to places including London, Bristol and Cardiff, and the road network brings the likes of Oxford, Worcester and Birmingham within an hour’s reach. Find out more about The Avenue.
Oaklands is in Hardwicke, a few miles south of Gloucester, and here there is an impressive three-bedroom detached house type called the ‘Spruce’ available through Home Reach. This comes at a price of £155,000 for a 50% share (based on a full market value of £310,000). It’s a double-fronted layout, with a kitchen/dining room with utility room off one side of the hallway and a separate sitting plan with French doors to the garden on the other. There’s a cloakroom downstairs and family bathroom upstairs, along with a single bedroom and two doubles. The master bedroom has an en suite and the extra luxury of a dressing area.
As well as the convenience of an easy journey to the city, the M5 nearby provides a convenient way of getting to places such as Bristol, Exeter, Worcester and Birmingham. Find out more about Oaklands.
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