A major investment project designed to help more north east families onto the property ladder is celebrating the completion of its 100th home.
A three-bedroom house in Seaham has helped the innovative m!ne ‘Rent to Buy’ programme hit its century of new affordable family homes. The house is one of the 30 m!ne homes being constructed on the Heathway Heights development in Parkside, Seaham.
Homes have already been completed by m!ne at locations including Stockton, Browney and Bowburn, with sites in Chilton, Murton and Peterlee currently underway. m!ne is the Rent to Buy arm of County Durham-based housing association believe housing.
The government backed Rent to Buy scheme is designed to bridge the gap between renting and traditional home ownership. Customers pay a reduced rent, usually around 20% less than they’d pay in the private sector, to allow them to save for a deposit. They have the option to buy their homes after five years, giving an affordable route to ownership.
The project has received funding through Homes England’s Shared Ownership and Affordable Housing Programme, which has provided grant funding for 208 of the new homes.
The m!ne homes are part of plans by believe housing to deliver more than 700 affordable new-build homes across the region. The £70m scheme is supporting hundreds of job and apprenticeship opportunities for local people during construction. Around 250 of the 700 homes are set to be offered through m!ne Rent to Buy.
Tom Winter, Development Manager at believe housing, said: “The completion of our 100th Rent to Buy home is a real milestone. It’s not about the bricks and mortar though, the really important thing is that we’re helping 100 families into a new, secure and, most importantly, affordable home.
“Many of the people we’ve helped simply wouldn’t be able to think about buying their own home through other methods. Our goal is to help more people into secure and affordable properties, whether that’s through traditional low-cost rent or through schemes like Rent to Buy.”
Reservations are open now for several m!ne sites. More information is available here.
Reservations are being handled by urban base land & new homes. Jan Dale, Director, said: “Our property team have had the enormous pleasure of going on this journey with believe housing launching the new m!ne product, securing 100 new tenancies in recent months on the Rent to Buy scheme.
“The feedback from the housing market trying to get a step on the housing ladder has been wonderful, with tears of joy from many who thought they could never save to own their dream home, and m!ne has now made this possible. This has to be one of the very best housing initiatives by the government in recent decades, and combined with the quality product of believe housing it is excellent news for our region.”