Pioneer Places has launched an exciting new housing development at the Manor House in Stechford. The development funded by Homes England offers 83 new homes, ranging from two and three bed houses and flats, available for shared ownership, rent to buy and outright purchase.
The most popular of the occupancies is the newly established Rent to Buy scheme. Designed to let working households rent a property at a subsidised amount, residents are able to save for a deposit and go on and purchase their first home.
Within the Manor House development, there are a number of homes under the Rent to Buy scheme being offered to Birmingham residents who are looking to take that first step onto the property ladder. The properties are reduced 20% below market rent offering the Stechford homes from as little as £480 a month over the next five years. The successful tenant then commits to saving the 20% towards a property deposit.
Simon Wilson, CEO of The Pioneer Group, commented:
Pioneer Places is part of The Pioneer Group and is currently the only housing organisation that offers Rent to Buy in Birmingham, and we are excited to deliver this option to those struggling to get on the property ladder.
“Our tenants have told us that they find it hard to secure affordable homes, so the Rent to Buy is a fantastic scheme for young people, or those whose circumstances require they find somewhere reasonably priced to live.
During the five year time period, customers will have the option to use the deposit to purchase the property through a traditional sale or under a Shared Ownership scheme.
Shared Ownership is an alternative option whereby the purchaser buys a share of the property (25% to 75%) at a more affordable price, with the option to buy a bigger share at a later date.
Both Rent to Buy and Shared Ownership are government schemes designed to ease the transition from renting to buying a home.
Cheryl Dockery, Sales & Letting Manager for Pioneer Places, added:
We’ve had a huge amount of interest our Stechford development, which offers good quality homes to those in need.
As Pioneer Places is part of community housing organisation, The Pioneer Group, we understand how difficult it currently is for people to take that first step on the housing ladder.
Funding a deposit is one of the most challenging aspects of buying a home, but by taking advantage of services, residents have the opportunity to access properties that would otherwise have been unaffordable.
At the start of this year, Shelter published a report saying we need 3.1 million new social and genuinely affordable homes to help homeless households and those trapped by the high cost of private rents. We are working hard to ensure that all people in the areas we serve have a number of options.
The Manor House represents the largest new development for Pioneer Places, with a number of houses available for Shared Ownership and outright purchase and a number of two-bedroomed apartments remaining under the Rent to Buy initiative. The development is building properties over two sites with the first release date in September 2019 and the second in February 2020.
Pioneer Places is urging interested parties to apply quickly as plots are already being allocated. With a straightforward application process, more information can be found at the following websites:
Rent to Buy: https://www.helptobuymidlands.co.uk/
Shared ownership: Waterloo Housing – https://www.waterloo.org.uk/
Outright purchase: Arden Estate Agents 0121 687 6777
Pioneer Places is a subsidiary of The Pioneer Group and offers market rent and affordable housing across its portfolio in Castle Vale, Stechford, Bromford and Smiths Wood, however the Rent to Buy and Shared Ownership options are currently only available in line with the Stechford Development.