East Homes celebrated the success of its Rent Now, Buy Later scheme after becoming the first affordable housing provider in the country to enable a first-time buyer to buy a share in their home through the scheme.
When the Rent Now, Buy Later scheme was launched in October 2008, the buyer moved in to East Homes' Curwen Apartments development. Since then, she has purchased a 30% share in her one-bedroom apartment.
Curwen Apartments is one of 15 developments where East Homes has offered Rent Now, Buy Later. Located in Plaistow, Newham, and shortlisted for a Housing Design Award, it offers affordable, luxury homes with balconies, modern fitted kitchens and landscaped communal gardens.
Since October, more than 300 first-time buyers have signed up to Rent Now, Buy Later through East Homes, part of East Thames Group, an east London based housing association and social regeneration charity.
Aimed at first-time buyers who earn a regular salary but need to save up a deposit to buy their first home, the scheme gives the option to rent a home for up to five years before choosing to buy - on a part buy, part rent basis.
The rent is 20% lower than market rent, allowing prospective buyers to save up to buy a share in the property, while living in their new home. East Homes offers customers up to six months rent refund when they decide to buy a share, which can be used towards a deposit.