New pilot scheme launched for first-time buyers

17-Jul-2008

First-time buyers feeling squeezed by the credit crunch are being offered the benefits of a 'rent first, buy later' scheme by the government.

Housing minister Caroline Flint outlined plans for the initiative this week, highlighting her desire to "lay the foundations" for meeting the long-term housing needs of the country.

"We are determined to continue to do everything possible to promote long-term stability and fairness in the housing market," she remarked.

"We have a growing and ageing population and will only see worsening affordability unless we increase housing supply," added Ms Flint.

Potential first-time buyers in England who earn less that £60,000 will be eligible for the Rent to Home Buy pilot scheme, which will enable people to rent a property at a discounted rate for two or three years and eventually buy part of it.

The plans follow research from the Royal Institution of Chartered Surveyors indicating that a first-time buyer couple with a low income currently have to save a year's worth of take-home pay to afford a property.

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Rics: Low-income first timers struggling to get on housing ladder More first-time buyers 'to turn to parental help'

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