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Two new schemes to ease the property crisis
In light of the current crisis within the housing market, the government has announced its plans to buy up homes which builders are unable to sell and the introduction of a new scheme that will enable people to rent a house or flat at a discounted rate. Caroline Flint, the housing Minister, has detailed her plans, which involve allocating a sum in the region of £200 million, to buy surplus housing stock from the UK’s major house builders and turn them into “affordable” homes. Further millions may be made available when the scheme expands providing the homes fit the Government’s criteria.
The Rent to Home scheme will be available to those with household incomes of up to £60,000; the rental period would be between two to three years on a discounted rate. Tenants will then have the option to buy a share of the property beginning with a 25% share. The rental amount would be set at no more than 80 per cent of the current market rate. The Minister said “The international credit crunch has created significant challenges not just for the UK housing market; however, the long term need to provide more homes has not gone away. We have a growing and ageing population and will only see worsening affordability unless we increase housing supply”.
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