More Ongo opportunities to own your own home
Rent to buy offers people the opportunity to rent at a lower cost than market rate, to allow saving for a deposit. So far this has been extremely successful at Ongo, with interest always high.
Shared ownership allows for a share of a property (between 25-75%) to be bought, and rent to be paid on the rest. Then, when it is affordable, larger shares can be bought until reaching 100%.
Both options offer an alternative, and more affordable route for those struggling to get on the property ladder. With the current cost of living crisis, this is expected to rise.
Those interested in rent to buy will have the opportunity to register their interest for one of four homes on Rowland Road next month. Further afield in Winterton there are 15 more under construction, with completion due in May 2023.
Other future rent to buy sites include Ashby Market in Scunthorpe and Foxby Lane in Gainsborough.
Approval for 96 properties in Doncaster was recently given, with 40 of those for shared ownership. A further six are to be built in Gainsborough. Both developments are subject to contract, with plans yet to be finalised.
Martin Phillips, Development Manager at Ongo said: “We’re delighted to be adding to our property portfolio, creating jobs, boosting the economy and providing local people with opportunities to own their own home.
“As we know, for most people, getting on the property ladder is a huge struggle, and much of the time unobtainable. That’s why, especially in the current climate, we are committed to building homes to suit all needs from affordable rent to buying.”
In 2022 Ongo has built a total of 51 homes across the region, with more than 19% of these for shared ownership, outright sale or rent to buy. All projects created a total of three jobs and had much wider benefits for the region’s economy through hiring nearby subcontractors and buying materials through local supply chains.
Looking ahead, 2023 will see the start of a huge regeneration project at Ashtree Close in Belton, the first of Ongo’s carbon neutral homes completing and so far, more than 140 homes being delivered.
With more exciting development plans in the future, be sure to stay up to date on their social media or website: www.ongo.co.uk.