Govt to promote rental sector
The government is planning to encourage prospective homeowners to move into the rental sector while the property market stabilises.
Housing minister Caroline Flint has confirmed that millions of pounds has been set aside to enable Whitehall to snap up thousands of homes for sale in London and elsewhere.
Those properties will then be rented out at affordable rates to households that are living on less than £60,000 a year for a short-term period, allowing them to save up a deposit.
Commenting on the government's commitment to reach out to poorer families, Ms Flint explained: "We are determined to continue to do everything possible to promote long-term stability and fairness in the housing market."
She added: "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."
Analysts have predicted that the property downturn is likely to lead to a surge in demand for flats to rent in London, as would-be first-time buyers postpone plans to get on the housing ladder.
Published 17th July, 2008
© 2008 Estates IT Limited
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The government is planning to encourage prospective homeowners to move into the rental sector while the property market stabilises.