Housebuilder Crest Nicholson has introduced Home Reach, its first part buy-part rent ownership option.
The programme has been launched with heylo, which specialises in part buy-part rent, and is now available on some homes and developments.
Shared ownership is a part-buy, part-rent process that allows buyers to purchase a share in a property, with the possibility to increase the share over time up to 100% ownership.
The remaining interest in the property is owned by heylo, which acts as the landlord and grants a 125-year lease.
Tom Nicholson, chief operating officer at Crest Nicholson, said: “The launch of our partnership with heylo is an exciting step for the business.
“Home Reach will ensure more people will be able to purchase a Crest Nicholson home. Part buy-part rent is a growing phenomenon in the housing industry.
“This model of home ownership forms an important strand to our proposition and enables us to better respond to the government’s housing targets, allowing us to provide much needed homes across the country.”
Wayne Bennett, national director of Home Reach for heylo, said: “We’re proud to be partnering with Crest Nicholson to offer Home Reach to their customer base.
“Part buy-part rent is an opportunity for buyers to take a smaller step onto the housing ladder, with the facility to ‘staircase’ up to full ownership, giving buyers the flexibility of owning their own home at a fraction of the cost.”
This post has originally been featured in Property Wire.