heylo housing is partnering with more than 60 housebuilders, including 18 of the top 20, to offer its Home Reach initiative to aspiring homebuyers and make home ownership a reality for the unprecedented number of young people and families priced out of the housing market.
This innovative part buy – part rent scheme is currently available on over 180 new build developments across the UK and is notable for its greater flexibility compared to traditional shared ownership products and Help to Buy.
Homebuyers can purchase the same home with a third less salary compared with Help to Buy and choose to buy a bigger share of a lower-priced home or smaller share of a more expensive one. Other benefits include a much greater choice of homes, fewer eligibility restrictions and greater freedom to make home improvements than traditional shared ownership schemes, yet the quality matches those of private homes.
The impact of the Home Reach partnership has been huge. With a customer base three times higher than Help to Buy, Home Reach is opening up a significant new market to housebuilders and spreading home ownership opportunities in a fair and sustainable way to those who could not otherwise afford to buy.
More than 2,605 new homes were bought using Home Reach in the last two years, more than through any other single shared ownership provider in the UK.