A lot has happened recently at RDR. The Co-op has grown and we now house ten members across four flats. That includes the first Rockdove baby, little Elmo!
Currently we have 10 members across a three-bedroom flat on Rockdove Avenue, two two- bedroom flats on Hunmanby Avenue and a one bedroom flat on Humberstone Avenue. As a co-op we are focused on buying the flats, which we currently rent. The original plan, as set out in the 2015 investor’s pack, was to buy a house using loanstock and a Radical Routes loan. However, the rapidly rising house prices on the Redbricks estates have made it difficult to achieve this. Each time we got the money together, the market value of the houses went up before we could apply for the loan (acquiring a Radical Routes loan is a slow process). Rapidly rising house prices really mess with the business model! A key aim of the co-op is to counter the gentrification that rising house prices are a part of and we are definitely in the eye of storm, with the flats going up over £30,000 last year.
So, a change of plan. We are now applying to get a mortgage on one or two flats in the next few months. We’re hopeful that we will be successful and are currently crunching the numbers. Watch this space..