Firstrung: Rent now, buy later "appears to be sound"

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Firstrung: Rent now, buy later "appears to be sound"

The government's new "rent now, buy later" scheme "appears to be sound" and not to have a "sting in the tail", according to Firstrung.

But Paul Holmes, chief executive officer of the first-time buyer solution company, stressed that he could not be certain until full details have been published.

The scheme allows households earning less than £60,000 to rent at 80 per cent or less of the going rate for two or three years to save up a deposit.

Mr Holmes said it appears to be "a terrific opportunity" for those who qualify but noted that "a vast amount" of first-time buyers are still priced out.

According to finance website moneysupermarket.com, millions of people are abandoning the idea of owning their own homes due to rising living costs and the lack of affordable mortgages.

A quarter of people do not believe they will ever own their own home, despite wanting to do so.

Louise Cuming, head of mortgages at the website, said the market needs the return of first-time buyers.
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