An innovative rent-to-buy housing scheme founded in Plymouth has become a national sensation and aims to have more than 10,000 homes built or under construction by the end of 2020.
Rentplus is expanding rapidly and now has housing schemes in Devon, Dorset, Gloucestershire, Northamptonshire, and Cambridgeshire, with projects in Somerset and Essex in the pipeline.
In late 2018 it had £440million in the bank, cash provided by well-known institutional investors.
And it is looking to have more than 10,000 houses either built or in progress by the end of next year, which would equate to approaching £2billion of properties.
And Rentplus is receiving plaudits from politicians and has also just won the prestigious 2019 National Housing Award’s Most Innovative Home Ownership Solution honour.
The National Housing Awards celebrate excellence, innovation, creativity, and progression in the housing sector.
Property developer Richard Pillar set up Rentplus in 2013 as an affordable housing model offering purchasers security of tenure with the opportunity to rent, and then buy their own homes.
Tenants are given the opportunity to purchase their property after five, 10, 15 or 20 years and are given a 10 per cent gifted deposit from Rentplus to help.
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Mr Pillar said: "I’m very proud Rentplus has won this prestigious award. It’s a huge success story for a company I set up in Plymouth, which has grown and is expanding fast across the country.
“Rentplus is an innovative rent-to-buy scheme that has become a national sensation with new affordable housing schemes not just in Plymouth, but across the South West, East, Midlands, and North of England regions.”
"Rentplus is looking to have more than 10,000 homes either built, under construction or contracted by 2020.”
He added said the award-winning success was also testament to the partnership of Plymouth City Council, housing association Tamar Housing, and his own Pillar Land Securities “for all the hard work in the early days of thinking this model through so thoroughly”.
He said he was proud the Rentplus model it is being rolled out on a national level and added: “The work done locally, in proving out the model has resulted in changes nationally to the National Planning Policy Framework (NPPF), and for the Rentplus model to be considered a mainstream tenure across the country in helping many to low/middle incomes realise their dream of home ownership.”
Rentplus has delivered affordable housing schemes across Plympton and Sparkwell, in Plymouth, and in the South Hams, other parts of Devon and Somerset, and has just completed 13 affordable housing units in Plymouth’s leafy Mannamead with Tamar Housing, where people are moving in during December 2019.
Rentplus also has developments across Oxford, Cambridge and Northampton, and just appointed two new area managers for the North of England.
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Rentplus chief executive Steve Collins, said: “The team at Rentplus is very proud to have won this award and it is testament to a great product winning the support of local families who are looking to own their own homes.
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“People can move into a Rentplus home without any deposit. They pay an affordable rent and have five to 20 years to save to purchase the house they live in.
“And when they’re ready to buy, Rentplus gifts them 10% of the market value towards their deposit.
“The largest group of Rentplus families and applicants come from the public sector including; nurses, teachers, armed forces personnel, health professionals.
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Business Live's South West Business Reporter is William Telford. William has more than a decade's experience reporting on the business scene in Plymouth and the South West. He is based in Plymouth but covers the entire region.
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“They’re not the high earners, but they equally deserve the chance to own their own homes.”
Julie Barnett, chief executive of Tamar Housing,which partners with Rentplus, said: “We are delighted Rentplus won at the National Housing Awards. A well deserved win for a fantastic scheme.”
Mr Pillar, added: “Rentplus was structured in Plymouth with Plymouth City Council having been the first adopters and Tamar Housing being the pioneering housing association.”