Deputy Prime Minister Nick Clegg visited Crest Nicholson’s development The Broadway, Tooting, to launch Rent to Own – a measure to support first-time buyers by allowing them to build up a share in their home through renting.
The Deputy Prime Minister was shown around the site as he discussed the new measures and housing affordability issues with Crest Nicholson’s Patrick Bergin, Group Finance Director and Julia Reynolds, Sales and Marketing Director, Crest Nicholson London.
Rent to Buy is a Liberal Democrats-backed scheme which helps first-time buyers build up a share in their home through renting. Young people will be able to buy their own home without a deposit to help them onto the housing ladder under radical Liberal Democrat manifesto plans, through which first-time buyers will steadily build up a share in their home through monthly payments equivalent to rent until they own the property outright after 30 years.
Julia Reynolds, Sales and Marketing Director, Crest Nicholson London, commented: “A scheme which will help unlock homeownership for those previously excluded from it is a good thing for first-time buyers and, on top of this, a positive move for the UK property industry. As housebuilders, it is also important that we support such schemes for the industry jobs which they create and for the positive impact they provide in the local communities in which we operate.”
She added: “It’s great to see first-time buyers investing in Crest Nicholson homes such as those at The Broadway, which were specifically built to provide homes for this type of buyer, and we hope to see first-time buyers continue to be supported under the next government.”
When complete, The Broadway will comprise 83 one and two-bedroom apartments and 22,738 sq ft of retail floor space in a prime London location.