Alternative investment fund manager HomeNow has formed an advisory board to help its executive team challenge the traditional rental market.
HomeNow helps tenants who can afford to buy but don’t have a deposit by allowing them to choose their home, rent for five years at a fixed rent and then benefit from a third of any price increase over the period which they can use towards a deposit, while investors share in the increase in value.
Chaired by Lord (Bob) Kerslake (pictured), the former head of the civil service and a previous chief executive of the Homes and Community Agency, other board appointees are: Tim Farron MP and Gagan Mohindra MP; George Kieffer, chairman of the Estuary Housing Association and Haven Gateway Partnership; Anya Martin, director of PricedOut and research and insight manager of NCVO; and former real estate banker Gabrielle Berring.
rental vs homeownership
Chairman of HomeNow UK, George Burnett, says the board will provide advice and support using the insights they have gained from a lifetime of tackling unaffordable housing. “They share HomeNow UK’s vision to increase homeownership and we are eager to bring our solution to the worryingly large and growing number of people who aspire to be homeowners,” says Burnett.
Lord Kerslake adds: “The huge hurdle of saving for a deposit has made homeownership increasingly unattainable for those who rent. By helping those who aspire to be homeowners onto the property ladder, HomeNow is making a positive social impact on a housing market that is at real risk of becoming exclusive and inaccessible to all but the most fortunate.”