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Government Help To Buy Scheme Set To Boost

Property Ownership

40% Of Trapped Tenants Could Become First Time Buyers With Help To Buy Scheme

40% Of Trapped Tenants Could Become First Time Buyers With Help To Buy Scheme

Almost 40% of tenants trying to escape being part of Generation Rent could become homebuyers when the Governments 95% Help to Buy scheme is implemented in January 2014.

New research released by Rightmove found that very few trapped renters, tenants who would like to buy but can’t afford to, are currently saving for a deposit.

39% of tenants feel they will never be able to become property owners unless they strike it rich, which Rightmove reckon could come in the form of the Government’s Help to Buy scheme, which will enable people with only a 5% deposit to get on the housing ladder.

The research, conducted among 3,214 current private rental sector (PRS) tenants, last month, between April 9th and April 25th, shows that while 42% of trapped tenants are trying to save for a deposit, currently less than 10% of tenants are on course to meet their deposit goal , with the majority not in a position to start saving.

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