Residents in the East Midlands have the lowest savings of any region in the UK, according to data from Moneyweek, with an average of just £6,438 set aside for a rainy day. An eighth of all East Midlands residents have just £1,000 or less in savings, rising to more than a third with just £1,000 or less saved.1
With average house prices in the region sitting at £272,867, aspiring first-time buyers are facing a shortfall of nearly £21,000 to get into the property ladder, based on a minimum 10% deposit.
In order to create a pathway to homeownership in the Midlands, affordable housing provider SO Resi, part of Metropolitan Thames Valley Housing, has launched three Rent to Buy developments in Nottingham and Chesterfield. Located in Clay Cross, Fairham and Bestwood, all properties are available to rent at a discounted price, with a view that tenants will be able to increase their savings over time and eventually purchase their property with Shared Ownership.
Branded as SO Flexi, the initiative includes both London Living Rent and Rent to Buy schemes. Rent to Buy is the SO Flexi scheme that is specifically available outside of London, helping residents transition from renting to owning their home. SO Flexi gives buyers the chance to rent a home at a lower cost than usual, typically up to 20% below market value, with tenancies set for a minimum of two years so they can save up for a deposit. When they’re ready, they can buy a home through Shared Ownership.
Esaiyas Mollallegn, Head of Marketing and Sales Operations at SO Resi by Metropolitan Thames Valley, comments: “Renting has slowly turned from a stepping stone to homeownership into an obstacle. Recognising this challenge, we launched SO Flexi, our Rent to Buy brand in 2023, which has provided over 192 homes for discounted rent. Rent to Buy offers tenants the flexibility to grow their savings and nurture their ambition to own a home and, when they are ready, the chance to purchase the home that they are living in, or another property with Shared Ownership.”
Designed and built to a high quality and situated in attractive surrounds, SO Flexi Fairham, SO Flexi Bestwood, and SO Flexi Clay Cross each offers a selection of
homes to rent for would-be first-time buyers. Solo renters and couples will be drawn to SO Flexi Bestwood, which offers two and three bedroom homes, while growing families will be attracted to the three bedroom terraced homes at SO Flexi Fairham and the three and four bedroom detached properties at SO Flexi Clay Cross.
Monthly rents start from £860 for a two-bedroom terraced house at SO Flexi Bestwood, £1,120 for a three bedroom terraced house at SO Flexi Fairham, and £880 for a three bedroom detached house at SO Flexi Clay Cross.
To find out more about the properties available, or register your interest, visit www.soflexi.co.uk call 020 8607 0550.
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
