​Rentplus secures registered provider status in bid to woo local authorities

Rentplus has registered a for-profit provider with the Regulator of Social Housing (RSH).

The affordable rent-to-buy business, which leases homes to housing associations, has had Rentplus Homes officially approved.

The firm said the move will enable it to operate more easily in areas where councils require registered provider status through their local housing policies.

The provider, which is backed by institutional investors, buys homes and then leases them to housing associations, who let them to people, usually key workers on incomes of less than £80,000 a year, who are on the local choice-based lettings, shared ownership or Help to Buy register.

Residents then pay affordable rent (usually 80% of market rent) for an agreed rental period of either five, 10, 15 or 20 years, after which they then have the option to purchase their home with a 10% gifted deposit.

Rentplus believes the registered provider status will enable local authorities to work with the model “with confidence”, knowing that Rentplus is regulated by RSH.

Steve Collins, chief executive of Rentplus, said: “While RP status is not required through national policy to deliver affordable rent-to-buy, we felt registration would enhance the quality of our affordable housing offer.

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“Rentplus Homes’ registration will enable us to deliver in local authority areas that require us to have RP status through their local housing policies.

“We’d like to thank RSH for recognising how Rentplus Homes can enhance the affordable housing offer in our communities. Following a thorough registration process, local authorities can deliver the Rentplus affordable rent-to-buy model through Rentplus Homes with confidence, helping us turn local renters into homeowners in their area.”

Rentplus said it is working with nearly 70 councils and the new RP is managing 117 homes across 18 local authority areas.