The 'rent now, buy later scheme' proposed by the government could be of benefit to some first time buyers, it has been claimed.
According to Paul Holmes, chief executive of Firstrung, the deal will help first time buyers get on to the market as long as they can afford to access the project.
Mr Holmes said: "On the face of it, so far there doesn't appear to be a sting in this tail and it does appear to be the first time in quite a while quite a laudable concept that the government are pioneering."
However, people should reserve final judgement on how helpful the scheme will be for first time buyers until full details are released, he added.
Under the plan, couples earning under £60,000 will be allowed to rent at 80 per cent or less of the market rate for two or three years in order to save up for a deposit towards a mortgage .
The deal is aimed at helping first time buyers on to the housing ladder and boosting the market.
New scheme could help first time buyers, expert claims
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New scheme could help first time buyers, expert claims
Tue, 29 Jul 2008
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