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Rent Issues And Urban Splash

How to live in a property and save up for a deposit

Written by . Published on November 9th 2011.


Rent Issues And Urban Splash

LEEDS house-hunters are being given the chance to save for a deposit while they live in their desired property under a government initiative available at the Saxton development in Leeds City Centre by regeneration company Urban Splash.

“Many people just take the simplistic view that they cannot afford to buy a house before they have even looked at the various options available. There are now many initiatives."

Urban Splash and My4Walls, Homebuy Agency for West Yorkshire, appointed by the Homes and Communities Agency to offer affordable home ownership schemes are offering the Rent to HomeBuy deposit saving initiative at Saxton.

For people wishing to own their own home but don’t have enough deposit saved, they can rent a Saxton apartment for up to five years through the Rent to HomeBuy scheme at 80 per cent of market rent, allowing them to save for a deposit. The tenant can move into home ownership at any point during the five year period.  There is also a Shared Ownership purchase option for people who have some deposit saved. 

John McleodJohn Mcleod

 

Nicola Wallis, Director of Residential Sales at Urban Splash, said: “Saxton is a unique development in a great location and we’re proud to be able to offer fantastic city centre apartments ideal for first time buyers through a range of affordable options. 

“The response has been remarkable. The first building we completed is almost fully occupied and we now have people moving into the first completed sections of the latest and final phase. The remainder of this building will be ready in the coming weeks and our large gardens and allotments are looking fantastic now they are complete.“ 

Saxton is a distinctive offer in Leeds City centre, offering the advantages of city centre set in 6.5 acres of outdoor space with large gardens, BBQ areas and 97 allotments. Saxton comprises of a total of 410 one and two bedroom apartments, with 176 already occupied in ‘Drive’, with the first residents now moving into the next phase of apartments in ‘Parade’. 

Independent financial adviser Paul Elliot said: “Many people just take the simplistic view that they cannot afford to buy a house before they have even looked at the various options available. There are now many initiatives that are giving first time buyers a chance they might not usually be able to afford, such as discounted rent and save schemes and shared ownership properties.” 

Saxton is being delivered by Urban Splash in partnership with The Homes and Communities Agency, the national housing and regeneration delivery agency which aims to create the opportunity for people to live in homes they can afford in places they want to live.

John McleodJohn McLeodJohn McLeod, 22, a designer at a digital media company, is a tenant at Saxton through the Rent to HomeBuy scheme. He said: “I spent a year renting in Leeds after graduating and spent so much money on rent without gaining anything back. With Rent to HomeBuy it gives me the opportunity to save that little bit extra each month to add to my deposit so that eventually I can buy my apartment."

For more information visit: www.urbansplash.co.uk/projects/saxton

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