New homes at reduced rents give first-time buyers a chance to get on the housing ladder
Mental health nurse Nicole Richards had been renting privately for years and had always found it impossible to save anything towards buying her first home, let alone the UK average first-time buyer deposit of £46,000. But she has now moved into a brand-new property, slashed her rent bill by more than £250 a month – with most of that money being channelled into an Isa – and will hopefully be in a position to buy her home in five years’ time.
Richards, 27, is among hundreds of key workers who have taken advantage of an innovative government-supported scheme that is expanding across the country and aims to remove the “deposit barrier” that is probably the biggest obstacle to home ownership for many on low and average incomes.
Source: the guardian – property
Rent-to-buy scheme aims to help breach the ‘deposit barrier’