Work is well underway on new family homes in the village of Sacriston, aimed at helping people stuck in the rental trap to buy their own home.
Constructed by Prince Bishops Homes, the development 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.
Located just off Plawsworth Road, it will comprise 21 three and four bedroom homes, available to rent at a discount rate and then buy, when the customer can afford to do so.
A recent £29.5m grant from the Homes and Communities Agency is supporting this rent then buy 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.”
Currently active on 10 sites across the North East and with further plans to invest over £100m in to the construction of new homes for the region by 2019, Stanley based Prince Bishops Homes is experiencing a period of unprecedented growth.
A wholly owned subsidiary of not-for-profit registered housing provider, Derwentside Homes, the developer prides itself on delivering high quality homes and a range of flexible housing solutions. These include providing properties for outright sale, offering assistance to customers who want to use the Government’s Help to Buy scheme and through other market leading initiatives – like this rent then buy model.
For more information about The Cinders, Prince Bishops Homes, rent then buy or to see the locations of other developments, visit:www.princebishopshomes.co.uk.