Budget hopes for struggling first-time buyers
Summary
First-time buyers in the West Midlands say rent, rising living costs and home prices make it difficult to save for a deposit. Ahead of the UK Budget, the government is expected to give more details about a proposed scheme offering eligible buyers 2.5% deposits and government-backed equity loans for new-build homes.Key Facts
- Pre Ramteke pays about £900 a month in rent before bills.
- Ramteke estimates it could take three to four years to save a deposit for a typical three-bedroom home.
- The average rate on a new five-year fixed mortgage deal has reached 6%, its highest level in three years.
- Estate agent Zunara Tariq said many buyers struggle to save while managing rising living costs.
- Self-employed electrician Tyne Steele said unexpected costs, such as car repairs, can reduce savings.
- The proposed Your First Home scheme is expected to offer eligible first-time buyers 2.5% deposits and government-backed equity loans for new-build homes.
- The article says the government is expected to provide further details of the scheme in this week's Budget.
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