Homebuilder Rentplus and housing association King Street Housing Society have unveiled plans to deliver over 1,000 affordable rent-to-buy homes in Cambridgeshire by 2020.
Four sites have been identified in the Fenland and South Cambridgeshire districts, while once built King Street will manage the homes.
Richard Connolly, chief executive of Rentplus, said: “Our new partnership with King Street Housing Society will form the foundation of our ambitious plans for Cambridgeshire.
“Our goal is to deliver over 5,000 rent-to-buy homes by 2020 and it is our intention that over a 1,000 of these will be in the region.
“These homes will make a vital contribution to ensure that the area’s key workers have an affordable pathway to homeownership.”
Rentplus tenants pay an affordable intermediate rent and have the opportunity to purchase their home in five, 10, 15 or 20 years, while they will receive a 10% gifted deposit from Rentplus when they do so.
Cambridge is one of the top five least affordable cities in the UK to buy according to Lloyds Bank research, where house prices are 9.9 times more expensive than average salaries.
Last month’s devolution deal between Cambridgeshire and Peterborough was said to be pivotal for the deal as it contained new funding and powers for the region, allowing the council to shape the type of housing they need.
Craig Glasper, chief executive of King Street Housing Society, said: “We are delighted to be working with Rentplus to deliver Cambridgeshire’s first rent-to-buy homes.
“At King Street we are always on the lookout for innovative new tenure models that can best meet local housing needs.
“The Rentplus rent-to-buy homes are exactly this. They will enable our city to meet the homeownership aspirations of families and key workers at an unprecedented scale.”
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