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New measures to help Manchester's first-time buyers

17/07/2008

The government has unveiled new measures to help first-time buyers in Manchester.

Among housing minister Caroline Flint's key proposals are a 'rent now, buy later' scheme.

This will enable first-time buyers who earn less than £60,000 a year to rent a new home in the city at a reduced rate for either 24 or 36 months.

During this period, Manchester property buyers will hopefully save enough money for a deposit in order to buy the property they are renting.

As well as helping people now, the new measures "lay the foundations" to help meet Manchester's long-term housing needs, remarked Ms Flint.

Manchester is one of four areas to benefit from the new measures. The others are Barking and Dagenham, Newcastle and Nottingham.

According to the Council of Mortgage Lenders, first-time buyers typically took out loans for 3.3 times their income in April, down from 3.35 in March.