{"id":10096,"date":"2014-10-08T13:55:37","date_gmt":"2014-10-08T12:55:37","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=10096"},"modified":"2015-09-15T14:57:17","modified_gmt":"2015-09-15T14:57:17","slug":"rent-to-buy-scheme-announced-to-further-assist-first-time-buyers-totaling-400-million-of-loans","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=10096","title":{"rendered":"Rent-to-Buy Scheme announced to further assist first time buyers &#8211; totalling \u00c2\u00a3400 million of loans"},"content":{"rendered":"<h3 style=\"text-align: justify;\">Secretary of State for the Department for Communities and Local Government,\u00c2\u00a0The Rt Hon Eric Pickles MP, has unveiled a \u00e2\u20ac\u0153Rent to Buy\u00e2\u20ac\u009d scheme of loans totalling \u00c2\u00a3400m to assist housing associations and developers in building 10,000 homes.<\/h3>\n<p style=\"text-align: justify;\">The new \u00e2\u20ac\u0153Rent to Buy\u00e2\u20ac\u009d scheme goes further than the Help to Buy Scheme by providing more flexibility for people who want to rent affordably now, save for a deposit, and then either buy the new home (or a different home) later.<\/p>\n<p style=\"text-align: justify;\">The properties would be subject to a rental cap at 80% of market value for seven years, after which occupants will then have the opportunity to buy.<\/p>\n<p style=\"text-align: justify;\">Under the scheme, housing associations and other providers can bid for a share of \u00c2\u00a3400 million in low-cost loans to build up to 10,000 new homes across the country between 2015 and 2018 &#8211; mainly consisting of 1 and 2 bedroom apartments.<\/p>\n<p style=\"text-align: justify;\">Landlords must then make the homes available for rent at below-market rates for a minimum of 7 years. This fixed period will give tenants the opportunity to save up for a deposit and get ready to buy their own home.<\/p>\n<p style=\"text-align: justify;\">At the end of the period, the tenant will have first refusal to buy the property \u00e2\u20ac\u201c alternatively they may choose to move out and buy a different property, or rent another property either privately or with the housing association.<\/p>\n<p style=\"text-align: justify;\">If the home is sold, the housing association will then have the option to use any returns on their investment to build even more affordable homes in the area. If not, they will still have a home, which they can look to rent at an affordable rate to another tenant who needs help to buy.<\/p>\n<p style=\"text-align: justify;\">The loan pot will be split 50:50 between London and the rest of England.<\/p>\n<p style=\"text-align: justify;\">London Mayor Boris Johnson will administer the capital\u00e2\u20ac\u2122s \u00c2\u00a3200m allocation of the fund, where it will be known as the London Housing Bank.<\/p>\n<p style=\"text-align: justify;\">Communities Secretary Eric Pickles said:<\/p>\n<p style=\"text-align: justify;\"><em>&#8220;This government is standing by people who work hard and do the right thing, and helping them move on and up in life.<\/em><\/p>\n<p style=\"text-align: justify;\"><em>&#8220;Both house building and the number of first time buyers are now at their highest rate since 2007. But there is more to do. As part of our wider housing programme, this new scheme will help increase the provision of low-cost rented accommodation and provide a springboard for young people to upgrade to home ownership down the line.&#8221;<\/em><\/p>\n<p style=\"text-align: justify;\">The Mayor of London, Boris Johnson, said:<\/p>\n<p style=\"text-align: justify;\"><em>&#8220;Through this pioneering scheme I\u00e2\u20ac\u2122m challenging the capital\u00e2\u20ac\u2122s developers to get building, and deliver the homes Londoners need, as fast as humanly possible. Loans are available to significantly accelerate the pace of development, especially on bigger schemes, and unlock additional supply. Through this exciting new fund we hope to provide thousands of brand new homes many years sooner than would otherwise be possible, and make them available to rent at below market rates for hardworking Londoners.&#8221;<\/em><\/p>\n<p style=\"text-align: center;\"><a href=\"www.PropertySurveying.co.uk\">www.PropertySurveying.co.uk<\/a><\/p>\n<p>LCB \/ SJ\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0 \u00c2\u00a0\u00c2\u00a0\u00c2\u00a0 02.10.14<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Secretary of State for the Department for Communities and Local Government,\u00c2\u00a0The Rt Hon Eric Pickles MP, has unveiled a \u00e2\u20ac\u0153Rent to Buy\u00e2\u20ac\u009d scheme of loans totalling \u00c2\u00a3400m to assist housing associations and developers in building 10,000 homes. The new \u00e2\u20ac\u0153Rent to Buy\u00e2\u20ac\u009d scheme goes further than the Help to Buy Scheme by providing more flexibility &hellip; <a href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=10096\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Rent-to-Buy Scheme announced to further assist first time buyers &#8211; totalling \u00c2\u00a3400 million of loans&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"footnotes":""},"folder":[],"class_list":["post-10096","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rent-to-Buy Scheme announced to assist first time buyers<\/title>\n<meta name=\"description\" content=\"A new rent-to-buy scheme has been announced by the government that will further assist first time buyers, totalling an extra \u00c2\u00a3400 million loans.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=10096\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rent-to-Buy Scheme announced to assist first time buyers\" \/>\n<meta property=\"og:description\" content=\"A new rent-to-buy scheme has been announced by the government that will further assist first time buyers, totalling an extra \u00c2\u00a3400 million loans.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=10096\" \/>\n<meta property=\"og:site_name\" content=\"Property Surveying NEWSLETTER\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/PropertySurveying\" \/>\n<meta property=\"article:modified_time\" content=\"2015-09-15T14:57:17+00:00\" \/>\n<meta name=\"twitter:label1\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/?page_id=10096\",\"url\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/?page_id=10096\",\"name\":\"Rent-to-Buy Scheme announced to assist first time buyers\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/#website\"},\"datePublished\":\"2014-10-08T12:55:37+00:00\",\"dateModified\":\"2015-09-15T14:57:17+00:00\",\"description\":\"A new rent-to-buy scheme has been announced by the government that will further assist first time buyers, totalling an extra \u00c2\u00a3400 million loans.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/?page_id=10096#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/?page_id=10096\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/?page_id=10096#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.propertysurveying.co.uk\\\/newsletter\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Rent-to-Buy Scheme announced to further assist first time buyers &#8211; 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