Rent to Buy properties are new build homes for rent. The rents are roughly 20% cheaper than the market rent and it is expected that you will use this discount to help you save for a deposit to purchase the property in the future.
We currently have 1-bed bungalows available through the Rent to Buy scheme. These are in Badminton Road, Matson. There will be more properties available next year.
How do I qualify for Rent to Buy?
Rent to Buy properties are ordinarily let to working households at an affordable rent at 80% of the market rent for similar properties in the area.
- You must aspire to buy a home in the future
- You must not already own a property
- You can currently be renting from a housing association
- You must be able to make rent payments
- Applicants with a local connection will be prioritised
Frequently asked questions
Will I have to purchase the property I am renting?
Not necessarily, the discounted rent will give you the chance to save for a deposit but buy any property in the future.
What is the fixed term of a Rent to Buy Tenancy?
The initial tenancy will be for three years with a review and option to extend for a further 2 years. The option to buy will be given after 5 years.
How can I buy the property?
If you are in a position to buy after 5 years, we will discuss selling the property to you. This could be through buying with a deposit or through shared ownership where you buy a percentage of the property.
If you are not in a position to buy we will reassess your situation, provide you with housing advice and options and agree on follow up actions. This could result in you seeking alternative accommodation if you are unable to buy the property.
Who is responsible for repairs and maintenance to the property?
As a tenant, repairs and maintenance will be carried out by Gloucester City Homes in the usual way until you buy the property. Once the property has been purchased, you will become responsible for all repairs and maintenance.
How much will the rent be?
The one bed bungalows will cost around £91.99 per week.
How do I apply?
If you meet the above criteria and would like more information about the properties we have available please call 0330 124 1285.