Tens of thousands of young people will be able to rent
new homes at below-market rates with the opportunity to buy them at the end of
their tenancy. Housing associations and social landlords will be given
£400million worth of cheap loans to build new homes. Under a new “Rent to Buy”
scheme, the associations and landlords will have to rent the new houses out at
below market rates – capped at 80 per cent of local market value – for seven
years. After this period, people will be given the opportunity to buy the
homes. The policy will be aimed at young people trying to build up a deposit to
get on the housing ladder rather than those on benefits. The government claims
10,000 new homes will be built under the plans between 2015 and 2017. Read more
on the Daily Telegraph website.
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