Government to encourage renting among prospective buyers |
16 2008 |
| Prospective first-time buyers are to be encouraged to rent for at least a couple of years as part of the government's new plans to ease the problems of supply and demand currently being seen in the housing market. Under the new initiative unveiled by housing minister Caroline Flint, households earning up to £60,000 a year will benefit from affordable rental accommodation, with thousands of properties to be purchased by the government from developers who are struggling in a sluggish market. "We are determined to continue to do everything possible to promote long-term stability and fairness in the housing market," Ms Flint explained. "The international-credit crunch has created significant-challenges not just for the UK housing market, but in other parts of Europe and the United States." The move will further boost the thousands of young professionals who are already choosing to rent so as to save up the money for a deposit on their own place, with many choosing to share a rental flat to keep their overheads down.  |
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