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Pickles launches £400m Rent to Buy scheme

The government has today launched a £400 million Rent to Buy scheme.

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Under the programme, housing associations will be able to bid for low-cost loans to build a total of 10,000 new homes from 2015 to 2018. Landlords will make the homes, which will be mainly one or two bedroom flats, available for sub-market rent for a minimum of seven years. Tenants will then have first refusal to buy the property. If the home is sold the housing association will be able to re-invest the proceeds in new housing.

Eric Pickles, secretary of state for communities and local government, said: ‘This government is standing by people who work hard and do the right thing, and helping them move on and up in life. 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.’

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