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Test drive a property before you buy

Friday, September 05, 2008

Source: Jude Buttle

Many homeowners greeted recent government proposals to breathe life into a flagging UK property market with contempt and suspicion.

Stamp duty suspension and more first-time buyer incentives with another HomeBuy scheme has seen some question the Government's motivation, suggesting it's an attempt to increase their popularity, rather than assist wannabe homeowners.

But one proposal introduced earlier this summer by the Housing Minister, Caroline Flint, may prove beneficial. The Rent to Home Buy scheme is an initiative that enables first-time buyers earning under £60,000 a year, to rent a property at 80% or less before they commit to buying it.

The scheme, variations of the concept have been used successfully in Denmark and the US, allows potential buyers the opportunity to save for a deposit while paying reduced rent, before they finally make a decision to purchase the property or not.

One particular organisation that will be launching its variation of the scheme in September is Bromford Homes, part of the Bromford Group.