AN innovative new way to provide affordable rented homes with the option to buy has won the backing of West Devon Borough Council.

The scheme, called RENTPlus, allows new properties to be leased to tenants at affordable rents, allowing them the opportunity to buy after five, ten, fifteen or twenty years.

Tenants would also be given support to buy in the form of a 10% deposit gifted to them by the organisation behind the scheme.

The borough council's community services committee agreed to adopt RENTPlus as an additional option for affordable housing in the local area at its meeting last week.

Committee chairman Cllr Robert Oxborough said: 'RENTPlus will provide a new opportunity for many on the housing list who with support could achieve home ownership rather than a life in private rented accommodation which can often be expensive and insecure. 

'It is a positive move for hard-working families in particular, who may struggle to find the money to get on the property ownership ladder.'

RENTPlus was devised by Plymouth-based development company Pillar Land Securities Ltd and local housing association, Tamar Housing Society and will be delivered by RENTPlus-UK Ltd. 

It has been approved as an affordable housing model by the Government's Homes and Communities Agency.

Dr Ian Mackenzie, director of RENTPlus-UK, said: 'RENTPlus is aimed at people who feel in the future they will be in a position to buy their own home.

'Tenants will have help and support to work towards their goal with the bonus of getting a 10% deposit gifted by us. This is particularly important as the deposit is often the sticking point for many families aspiring to become homeowners.'

RENTPlus-UK will acquire new homes for the scheme paid for by pension funds and socially-responsible investors and then lease them to local housing association partners.

The housing associations will then rent out the homes through Devon Home Choice.

Neighbouring Plymouth City Council has also formally endorsed RENTPlus as an affordable housing product.

To find out more about RENTPlus contact the Affordable Housing Team on 01822 813600.