Prince Bishops Homes starts work on rent to buy scheme in village of Sacriston
Prince Bishops Homes has started construction work on a rent to buy scheme in the village of Sacriston.
The scheme, located just off Plawsworth Roadm has been named The Cinders as a nod to the age of steam and to commemorate the old Sacriston railway station that occupied an area adjacent to the site.
It will comprise 21 three- and four- bedroom homes aimed at helping people “stuck in the rental trap” to get a foot on the property ladder.
A recent £29.5 millon grant from the Homes and Communities Agency is supporting the scheme, which works by offering customers a 20% reduction in rental costs and then supports them in investing these savings into a Help to Buy ISA. This will eventually become part of a mortgage deposit, allowing residents to buy the home they are living in within five years.
Moya Jones, development director with Prince Bishops Homes, Said: “The Cinders offers buyers and renters a range of detached and semi-detached properties that widen the choice, availability and quality of housing in the village. In addition, our innovative initiatives are tailored to suit people with varying needs, whilst offering support to those looking to take that first step onto the housing ladder.”
Prince Bishops Homes, a wholly owned subsidiary of Derwentside Homes, is currently building on 10 sites across the North East with further plans to invest over £100 million in to the construction of new homes for the region by 2019.