Partner Article

New homes to help people escape rental trap

Work is well underway on new family homes in the village of Sacriston, aimed at helping people stuck in the rental trap to buy their own home.

Constructed by Prince Bishops Homes, the development has been named The Cinders - as a nod to the age of steam and to commemorate the old Sacriston railway station that occupied an area adjacent to the site.

Located just off Plawsworth Road, it will comprise 21 three and four bedroom homes, available to rent at a discount rate and then buy, when the customer can afford to do so.

Moya Jones, Development Director with Prince Bishops Homes, Said: “We are delighted to be able to offer this discounted rent then buy scheme at The Cinders, Sacriston and intend to do the same at our proposed development – just off St. Cuthbert’s Drive in the village – subject to planning permission being granted.

“For our new rent then buy customers, we can reduce their rental costs by 20% and then work with and support them in investing these savings into a Help to Buy ISA. This will eventually become part of their mortgage deposit and allows the tenant to buy the home they are living in outright, up to five years down the line. In addition, we will support our tenants in becoming mortgage ready, helping them to budget and improve their financial health and credit score, so when the time comes, they are in a position to proceed to purchase.

“It is through working in partnership with Durham County Council that we are able to deliver these affordable homes for the community. By offering innovative schemes such as this rent then buy initiative, we can help to open the possibility of home ownership to people that other first time buyer incentives simply do not reach. This will be key to re-energising the market and helping more young people - who thought they were stuck in the rental trap - to escape generation rent.”

Currently active on 10 sites across the North East and with further plans to invest over £100m in to the construction of new homes for the region by 2019, Stanley based Prince Bishops Homes is experiencing a period of unprecedented growth.

A wholly owned subsidiary of not-for-profit registered housing provider, Derwentside Homes, the developer prides itself on delivering high quality homes and a range of flexible housing solutions. These include providing properties for outright sale, offering assistance to customers who want to use the Government’s Help to Buy scheme and through other market leading initiatives - like this rent then buy model.

For more information about The Cinders, Prince Bishops Homes, rent then buy or to see the locations of other developments, visit the Prince Bishops Homes website.

This was posted in Bdaily's Members' News section by Paul Dobbie .