Spring 2019
B O R O U G H
NEWS
www.eastleigh.gov.uk
Council provides new route to home ownership 3 4 5 8 12 13
In this edition... Join our garden waste scheme
Work underway on new Football Hub
Sporting heroes recognised
The Point & The Berry Theatre
Schools to raise ‘hog awareness
Some of the new homes at Woodside Avenue, Eastleigh
Home ownership has become out of reach for many local people as property prices have soared in the last twenty years. Now, Eastleigh Borough Council is launching a new route to home ownership that helps privately renting tenants bridge the affordability gap.
We are set to launch an innovative Rent to Own scheme through our housing company, Aspect Building Communities Ltd, whose members also include VIVID Homes and Radian. Having already provided tenants with the security of renting their home for life, we are now going one stage further by enabling tenants to afford to buy a property quicker than would be achievable if renting from a private landlord. The route to home ownership encourages tenants to be responsible for the maintenance of their property and as such there is a cost saving to the housing provider. This saving can be claimed by the tenant for a deposit to purchase their property after five years.
When the scheme is rolled out at Woodside Avenue and North Stoneham Park, Eastleigh and Kestrel Park, Bursledon, tenants in a market rented property through Aspect will be offered the opportunity to join the scheme where relevant conditions are met, but it is likely to be open to all people who are looking to rent a property. The main benefits include: •
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a proportion of the repairs and maintenance costs are reimbursed at the point of purchasing the property tenants feel their rent is not ‘dead money’ and they know their property will eventually be theirs to own
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knowing an amount will be reimbursed by their landlord (on top of their original rental deposit) is an extra motivation to save for a mortgage deposit
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the security of a Council and Housing Association backed scheme
Council Leader, Cllr Keith House said: “We’re committed to providing affordable homes for people in the Borough and ensuring a range of options are in place to meet the needs of local people. This is a ground breaking and innovative scheme helping local people into home ownership.”
Local area news
Have your say as part of our Residents’ Survey see page 16
For more details contact 0800 652 0898 or email customer@vividhomes.co.uk
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