Rent to Buy schemes in the UK offer an alternative pathway to home ownership, particularly for individuals and families who may struggle to save for a traditional mortgage deposit.
These initiatives allow tenants to rent a property at a below-market rate for a fixed period, during which they have the option to save towards a deposit to purchase the property at an agreed-upon price. Rent to Buy schemes aim to bridge the gap between renting and owning, providing tenants with the opportunity to build up equity while renting.
Recent statistics indicate a growing interest in Rent to Buy schemes, with a notable increase in the number of properties offered through such programs. For instance, in 2020, the UK government announced a £400 million investment to support the delivery of 1,500 Rent to Buy homes across England.
These schemes are particularly beneficial for first-time buyers, who often face challenges in accessing home-ownership due to high property prices and stringent lending criteria. By offering affordable rents and a pathway to ownership, Rent to Buy initiatives empower tenants to take steps towards fulfilling their home-ownership aspirations.
Alderley Group have currently one Rent To Buy scheme development in progress, which is our Vicarage project, we are always exploring new rent to buy schemes to deliver in partnership with Local Housing Associations.
To learn more about our expertise to deliver housing schemes, email: info@alderley-group.com